Protecting Your Valentine’s Day and Presidents’ Day Purchases

February may be the shortest month of the year, but it often brings some of the biggest purchases. Between Valentine’s Day jewelry, meaningful gifts, and the major car deals that pop up around Presidents’ Day, many people find themselves investing in items that carry both emotional and financial significance. With so much value tied to these purchases, it’s essential to confirm they’re properly insured from the start.

It’s easy to get swept up in the moment—finding the perfect ring, securing a great discount on a new vehicle, or finally bringing home a piece of artwork you’ve admired for months. But before you slip on that necklace or drive your new car off the lot, there’s an important step that deserves attention: making sure your insurance coverage will support you if something unexpected happens.

This article breaks down key insurance considerations for common February purchases, including jewelry, art, collectibles, and vehicles. You’ll also find tips for keeping proper documentation so you’re prepared if you ever need to file a claim.

Why Insurance Should Be in Place Before You Use or Gift an Item

With high-value items, it’s risky to postpone addressing your insurance coverage. Losses can occur immediately—on the trip home, during travel, or even in the moment of gifting. That’s why it’s wise to ensure coverage is active before the new item is put to use or wrapped as a present.

This is especially relevant in February. Engagement rings, luxury watches, new cars, and fine art all come with specific risks and unique insurance requirements. The best approach is to align your coverage with both the value of the item and its exposure to loss, so there are no unpleasant surprises when you need your policy to respond.

Jewelry, Fine Art, and Collectibles: Why Standard Homeowners Insurance Isn’t Enough

Many people assume their homeowners policy fully protects their valuables, but most standard policies include sublimits for categories like jewelry, artwork, and collectibles. These limits often fall between $1,000 and $5,000—far below the value of many gifts purchased for Valentine’s Day or special occasions.

To ensure adequate protection, you may need additional coverage. Items such as engagement rings, valuable art pieces, or rare collectibles often require scheduled personal property coverage (also called a rider or endorsement). Scheduling an item typically offers reimbursement based on its full appraisal value and may even include protections not usually found in standard policies, such as accidental damage or mysterious disappearance.

You’ll usually need a recent appraisal to schedule an item, and appraisals should be updated every few years to keep your policy accurate. Some types of fine art may require specialized coverage that includes worldwide protection, transit coverage, and restoration benefits—especially important if the piece is frequently moved or loaned to exhibitions.

Here are a few reminders for anyone gifting or receiving high-value items:

  • Insurance doesn’t transfer automatically if you gift or inherit an item—the new owner must add it to their policy.
  • For very valuable pieces, consider a dedicated “valuable items” or “personal articles” policy for broader protection.
  • Keep records such as receipts, appraisals, photos, and serial numbers to simplify both establishing coverage and filing a claim.

While these gifts may have deep sentimental meaning, protecting their financial value ensures that you can enjoy them with confidence.

New Vehicles: Understanding Grace Periods and Your Next Steps

Presidents’ Day often brings attractive deals on cars, trucks, and SUVs. Fortunately, many insurers offer a built-in grace period that temporarily extends your existing auto coverage to a newly purchased car, typically lasting from seven to 30 days. During this time, your new vehicle typically receives the same coverage types and limits as your current policy.

However, there are key details to consider:

  • The grace period only applies if you already have active auto insurance. Without a policy, you’ll need coverage before driving the car.
  • If you have multiple vehicles insured, the new one usually receives the broadest coverage among them—but only temporarily.
  • Coverage during the grace period mirrors your existing policy. For example, if your current vehicle only has liability coverage, the new one will too until you update your policy.

Before the grace period expires, make sure your new car is officially added to your policy and that coverage levels reflect its value. If you’re financing or leasing, lenders generally require collision and comprehensive coverage and may also encourage or mandate gap insurance to bridge the difference between the loan amount and the car’s actual cash value.

If you’re trading in or selling an old vehicle, remember to remove it from your policy so you aren’t paying for unnecessary coverage.

Whenever you buy a new vehicle—during Presidents’ Day or any other time—make it a habit to:

  • Notify your insurer before driving off the lot or shortly afterward.
  • Adjust limits and deductibles to match the new vehicle’s value and your preferences.
  • Update information about drivers, use, and garaging location.
  • Keep copies of your registration, bill of sale, and insurance ID card accessible.

Recordkeeping: A Simple Way to Strengthen Your Protection

Whether you’re insuring a necklace, a painting, or a new SUV, strong documentation is one of your biggest advantages. Organized records make it easier to establish coverage and streamline the claims process if something goes wrong.

Consider taking these steps:

  • Digitally store receipts, appraisals, photos, and VINs in a secure cloud location.
  • Photograph new items from multiple angles for better identification later.
  • Review your home and auto policies annually or after major purchases.
  • Ask your agent whether adding new items makes you eligible for bundled savings.

What If You Waited Too Long to Insure Something?

If you bought something last month—or even last year—and still haven’t added it to your policy, don’t panic. Many people postpone these tasks. Your insurance agent can still help you evaluate what you own, determine whether certain items need to be scheduled, and update your policies so your coverage reflects your current lifestyle.

Final Thoughts: Protect the Purchases That Matter Most

February often brings unforgettable purchases—from sparkling jewelry to new vehicles and unique works of art. Spending a little time reviewing your insurance before gifting, displaying, or driving these items can safeguard both the emotional and financial investment they represent.

If you’re planning a new purchase this month—or if you have items you’ve been meaning to insure—now is a great time to reach out. A quick conversation can give you peace of mind, ensuring your valuables are well protected from day one.