People usually let their insurance agent know about big life changes like starting a business or having a baby.

But there are other instances that slip under the radar. One of the most common is when changing mortgage or auto lenders.

With a few exceptions, your insurance company will typically issue a check to both you and your lender when there’s a claim. If the wrong lender is listed, it can cause delays when it comes to processing your claim.

“Problems can arise when a Customer doesn’t tell his or her Agent about a new mortgage or auto lender,” says Jackie Tirpak, vice president and claims manager, Illinois Branch, at Erie Insurance. “They can also happen when a Customer doesn’t let an Agent know their home or car is paid off—in that case, the lender will stay on the policy year after year.”

And that can ultimately lead to complications when it comes time to pay a claim. “At ERIE, we aim to settle a claim as quickly as possible,” says Jackie. “We’re obligated to issue a check to the name listed on the policy. When the information isn’t correct, there’s usually a delay because we have to stop the check or get it back before issuing another one.”

Most mortgage and auto lenders require proof that they’re listed as insureds on your policy. But things can fall through the cracks at times. That’s why it’s always best to let your insurance agent know if you change your mortgage or auto lender. (Another sticky situation can happen when your marital status changes and an ex-husband or wife is still listed on the policy.)

Talk to an insurance professional like an Erie Insurance Agent about an annual review. He or she can get your policy up to date and help you bridge any coverage gaps.