Whether you live in a palace or a studio apartment, you gotta have a fire extinguisher. While they come types A, B, or C (depending on the fire they're meant to fight), your best bet is probably a multi-purpose ABC fire extinguisher. Look for a rechargeable one with a pressure gauge that's easy to read and hang it near a doorway or other escape route. Check the pressure once a month and recharge as soon as needed.
For more on safety, consider:
Radio: Fire Drill
Residential Sprinkler Systems
9 Ways to Boost Your Fire Preparedness