I'm keeping this about werewolves and vampires and I'll divide my list into Urban Fantasy and Paranormal. With this caveat -- I read a lot, but I don't read it everything. And sometimes I'm grumpy when I pick up a book and the very best author in the world couldn't make me enjoy it. I'm doing this off the top of my head, so I might stop back and add a few -- or I might forget some. Also -- I like a lot of books.
Fae Urban Fantasy
Charles de Lindt
Terry Brooks (Running with Demons)
Emma Bull's War of the Oaks
Nicholas Stuart Grey (British author, if you can find his stuff, pounce on it!)
Grimbold's Other World, is perhaps the easiest to find. Might not really qualify as Urban Fantasy, but he knows his Fae
Nina Kiriki Hoffman
and there are two others who are trying to beat me about the head and shoulders but I'll be darned if I can remember either title or author. EDITED: I remembered!
One of the two is Wen Spencer's Tinker novels which are actually a cross between UF and The Philadelphia Experiment (good movie)
The other is The Perilous Gard, by Elisabeth Pope, which has sort of a Young Adult feel to it, but is still one of my favorite reads.
Urban fantasy: (In no particular order)
Laurell K. Hamilton (warning or invitation: after Obsidian Butterfly her books get more erotic)
Jim Butcher's Dresden books
Rob Thurman
Charlaine Harris
Kelly Armstrong
Kim Harrison
Lynn Viehl
Iona Andrews
Laura Anne Gilman
Anne Bishop (who belongs here with her Jewel and Belladonna books, even though her people aren't (quite) vampires)
Robin McKinley's
SunshineKaren Chance
Rachel Vincent (published under romance -- but it feels more like UF to me)
Rachel Caine's Weatherwarden
Tanya Huff
P R Frost
(and a slew of others coming soon

one of the nice things about being a writer is that I get to read books before they come out)
Paranormal Romance
Christine Feehan
Christina Dodd (Scent of Darkness/Touch of Darkness)
JR Ward (Black Dagger Brotherhood)
Lora Leigh's genetically altered Breed series
Susan Squires (here's another romance author who would fit better as UF to me)
Melanie Jackson
Kresley Cole
Alexis Morgan
Nalini Singh
I actually read more Paranormal romances than UF (there are more of them published), but romance doesn't stay with me the way fantasy does. And a lot of the paranormal romance writers are publishing their first books -- I've read a lot that I'll buy their next book because I think they're going to really set the world on fire as soon as they get a better handle on their craft.