Event log analyzer and hosts with changing IP's

I've run into this issue multiple times and I'm starting to get fed up with it. If I add a host and the IP of the host is 192.168.1.2, but that IP changes over time to something like 192.168.1.5 there will still be a static reference back to the object at the old IP, but it will pull the right information from the host at the new IP. The problem I'm running into is if I add a new host, and that host has an IP of 192.168.1.2, I will get an error message saying the object already exists. This is quite irritating especially If multiple objects have changed IP addresses. It often-times leads me to have to go through and delete multiple objects and then re-add them so they report the correct IP. This could easily be alleviated if I could go in and edit the IP address of a host, but I cannot do that either. Is there a way around this? Is there some command that can be run against the database to update the IP addresses assigned to each host to the correct one? Or even just a way to manually edit the IP of a host once it has been added?