Isaac-1 -- well said.
I'll add a couple comments of my own.
If you consider propane or natural gas, definitely get a tri-fuel unit (can also run on gasoline). Especially if you have natural gas; depending on the disaster, the natural gas supply could be interrupted without notice. At least with propane, you have some idea how long you can run until getting the tanks filled.
Regarding diesel vs. gasoline. Here, IMHO, there is no question, diesel is better. As another member stated, diesel fuel, is safer to store. It also can be stored for MUCH longer with degradation. Almost all gasoline now has ethanol added, which reduces the shelf-life of the fuel to less than 30 days. Even with stabilizer added, I don't trust gasoline that has been sitting for more than a few months. This makes it hard to rotate your fuel stock if you are keeping enough fuel stored for a longer outage. Diesel fuel on the other hand, depending on who you listen to, is good for 18 months to several years. You will want to use an anti-alge/anti gel additive if storing it long term (you can skip the anti gel in warmer climates).
Diesel fuel has about 15-20% more energy per gallon (about 135k/gal, gas=115k/gal), and diesel engines are more thermally efficient with this energy. You're looking at about 30-40% more run time per gallon. Propane is the most expensive way to run a generator, as it only has 91k/gal, and cost almost as much per gallon in some markets as gasoline and diesel.
Another consideration, depending on your heat source (for those of us in colder climates), you may already have a good amount of diesel fuel stored on site, as #2 home heating fuel is the same as off-road diesel, which is nothing more than #2 diesel that is dyed red to indicate that it is not taxed for on-road use.
I have 2 275 gallon fuel-oil tanks in my basement, but, because I also have wood-pellet boiler, and a wood stove, only use the oil furnace for domestic hot water from about April-November (and also heat when the temps are mild, as the pellet boiler makes a lot of smoke on startup, which happens a lot more when mild, as when it is colder, it can vary its heat output to keep burning continuously). I fill both tanks over the summer, and buy what pellets I think I need for the winter too (price is better). If I run out of pellets, I can fall back to oil. Anyway, the point is, for most of the time, I have about 300-500 gallons of fuel available for my generator too. I also have a 30 gallon tank in the barn for the tractor that I can draw on first. You can get a hand-crank pump that you can put in a bunghole on an oil tank from HF for about $35. This is handy to get fuel out of your oil tank and into your (portable) generator or fuel can.
Regarding capacity, as others have said, don't over buy. Not counting the inverter-type generators (usually smaller units for camping/RV's, or very expensive "quiet diesel" types for diesel-pusher type RVs), most generators will use nearly half as much fuel at low power draws as they do at full power, as they need to maintain constant RPM's 3600 (1800 or even 1200 for larger diesel sets).
The main cause of outages for me is ice storms, so AC isn't a consideration. We have propane for cooking, fuel oil, pellets, and firewood for heat. Our biggest load is actually the well pump. Most well pumps are 220-240V, and are split-phase inductive motors, so that have a pretty high starting current. If your pump is less than 1HP, a 3KW unit will do. If you have a deep well, and a 1 1/2-2 HP pump,you might need a 5KW unit to start it. Otherwise, my loads are the refrigerator, freezer, boilers (water circulator pump, and combustion blowers), and a few lights. I have a 3.6KW ETQ diesel generator (the engine is 178F, a chinese clone of a Yanmar L70A) that I picked up used for $200 (this will be replaced with one of the Yanmar repowered MEP016's I just one from GL). This fits the bill nicely, and only uses about a quart of fuel per hour at light loads, and 1/2 gallon at full load. Since my larger loads are very intermittent, my average is closer to the quart. I has have a battery bank and a pair of stacked Xantrex inverters (stacked to provide 240VAC). I only need to run the generator about 1/3 to 1/2 the time, (charging the batteries at the same time) and can rely batteries the rest of the time if I'm conservative with power usage. This is nice, as I don't have the noise of the generator overnight. I can also leave the house with the inverter running, where I don't want to leave my portable generator running outside when I'm not here to watch it (theft target).
In the OP's case, the desire to run the AC will dictate a larger unit that my needs, so the MEP-003a is probably a very good candidate. I am a big fan of redundancy (I will be keeping my current generator as backup to the MEP-016B/D, or maybe two of the MEP's), and a smaller set like the (diesel) 3KW MEP's may be a good 2nd set. I won't run the AC, but will keep the fridge/freezer running, to preserve the food, and well pump (if applicable) running as well. Also, if the outage happens when you don't need AC, and you can run on the smaller unit, you'll save a good bit of fuel. Remember, fuel usage isn't only about the monetary cost of the fuel, but also fuel availability (or lack there of) during a crisis.