Many homeowners are aware that they should update their home insurance policy after making major updates, but other policyholders are also advised to review their insurance coverage annually. Kiplinger offers advice on what situations should prompt consumers to update their policies.

After getting married, it may be a good idea to combine auto insurance policies to receive a discount on coverage. Married couples may also want to consider reviewing their life insurance needs. After getting divorced, policyholders should contact their Virginia auto insurance agent to get a separate policy.

Those with life insurance policies should also review their policies after having children, as they may require more coverage to provide funds to beneficiaries if something were to happen, says Kiplinger.

If policyholders switch jobs, they may need to purchase their own life and health insurance policy if their new employer doesn't offer benefits. If a new job includes a significantly higher or lower income, policyholders may want to make sure their insurers are aware of the change.

Drivers who participate in carpools may be able to save more if they are driving less but if sharing responsibilities, the source suggests increasing liability insurance for adequate coverage for additional passengers.

It is a good idea to review the changes in your life every year to see if they are applicable to how you are covered by your insurance.