The importance of an emergency fund

I think everyone has heard of the emergency fund, and most agree it is a good idea, but I do not hear of too many people who actually have an emergency fund. A little pile of cash stowed away somewheres with easy access that can cover your living arrangments for 6 months in case of loss of job, sickness, any variety of things really. If you do not have one now, I urge you all to get working on your emergency fund!