There are a number of things people update periodically: Their wardrobe. Their resume. Their Facebook status. Their phone. But what about their homeowners insurance policy? Those who only take a good look at their coverage when they first buy their home or when they're shopping around for a new insurer could be missing out on both essential coverages and potential savings. A good place to begin when evaluating homeowners coverage is with creating a thorough home inventory and updating it every few months. Advice from the California Department of Insurance suggests a simple way to do this is to encourage insureds to walk around their home with a video camera, recording everything in their house (including inside of drawers) and providing commentary on the items as they go. Of course, they can also utilize things like apps or good-old-fashioned pen and paper to create their inventory. Once it is complete, it's important to store the inventory in a place where it isn't vulnerable to potential losses to the home; like in a fire resistant container, in a locked cabinet at their workplace, with a close friend or family member, with their accountant or lawyer, or in a safety deposit box. In the slideshow above, we'll look at seven instances when a person should consider updating their homeowners insurance policy, according to Quorum.

Related:

• A dozen ways to lower home-insurance premiums
• Summer heatwave leads to higher premiums, stricter underwriting
• What factors impact home rebuilding costs?