QUOTE (+Zeke+ @ October 31st 2009 4:27 PM)

Moisture and theft are easy to deal with.
Desiccant blocks and gently lube the rubber seal of the cans with a vegetable based lube, like grapeseed oil. For floods just put them on a high closet shelf.
Buy a solid core closet door for your bedroom and add a deadbolt. Adding that to a proper house security package (steel outer doors, window locks, monitored alarm, and dog) will slow down any determined thief.
Or get a gun safe.
Yeah, I see your point now. There really isn't too much that can go wrong with your ammo if it is in a good can, even a large one.
Got the gun safe. Unfotunately it is hard to do to much as far as a secure closet in an apartment, and gun safes don't hold too much when you get all the guns in there.
I think I read here that the best way to tell if an ammo can has a good seal is if you can open the can and immediately smell the ammo can smell. If not then the gasket may be damaged.