April is Financial Literacy Month. This is the time each year consumers are reminded to reflect on their financial well-being and consider possible changes to their behavior. Insurance is designed to protect individuals against losses. One of the many challenges facing consumers is either not knowing what is contained in the policy or not updating the contract as elements in their lives change.

Home insurance is a perfect example. Ask yourself this question: if your home were destroyed tonight by a fire or tornado, do you have adequate insurance coverage to rebuild the structure and replace yo...