Questions & Answers about Лучше бы я взял зонтик, тогда моя куртка не стала бы мокрой.
Yes, лучше бы + past tense is a very common way to express regret about the past, often close to English I should have... or It would have been better if...
So:
Лучше бы я взял зонтик
= I should have taken an umbrella
literally more like
= It would have been better if I had taken an umbrella
A few important points:
- лучше by itself means better
- бы adds the hypothetical/regret meaning
- the verb usually appears in the past tense form
So even though взял looks like a simple past form, with лучше бы the whole phrase expresses an unreal past situation.