The lack of a working smoke alarm can have tragic consequences, especially when you consider that 412,500 residential fires were reported in the U.S. in 2006, causing 12,925 injuries and 2,580 deaths. While estimates indicate that 96 percent of U.S. homes with telephone service have at least one smoke alarm, almost 75 percent of the fire fatalities occurred in homes without smoke alarms or homes with broken or disabled smoke alarms.

Meanwhile, carbon-monoxide poisoning kills about 500 Americans each year. CO is an odorless, colorless gas that's created when fuel (wood, gasoline, natural gas, heating oil, etc.) is burned.

You should equip your home with smoke alarms. They are relatively inexpensive, from about $10 for basic models, and the latest models offer more ways to protect you and your family. You can buy the alarms at most hardware and home-improvement stores and online. CO alarms typically cost about $40 and should be in every home using fuel burning appliances (furnaces, water heaters, ranges, cooktops, gas or charcoal grills) or an attached garage. (See our Ratings of CO alarms, available to subscribers.)