Protecting Your Valentine’s Day and Presidents’ Day Purchases This February

February may be the shortest month of the year, but it often comes with some of the biggest purchases. From Valentine’s Day jewelry and heartfelt gifts to major Presidents’ Day car deals, many people make meaningful investments during this time. These purchases often carry emotional significance and financial value—making it essential to ensure they’re properly insured from the very beginning.

While it’s easy to get wrapped up in choosing the perfect ring, securing that long-awaited vehicle, or finally bringing home a piece of art you’ve admired for years, there’s an important step that shouldn’t be overlooked. Before you wear it, gift it, display it, or drive it, you’ll want to confirm that your insurance coverage is prepared to protect you if something unexpected happens.

This article breaks down key insurance considerations for common February purchases, including jewelry, fine art, and vehicles, along with helpful recordkeeping tips that can save you stress in the future.

Why Insurance Should Come Before the Gift Wrap

When it comes to high-value items, waiting to sort out insurance later can put you at risk. Loss, theft, or damage can happen right away—on the drive home, during travel, or even as the gift is being opened. Because of this, securing coverage before you present or use the item is often the safest approach.

February highlights these concerns more than most months. A proposal-worthy ring, a collectible timepiece, a Presidents’ Day car purchase, or a recently acquired painting each brings its own coverage needs. Making sure your insurance reflects an item’s value and risk levels can help prevent financial surprises if something goes wrong.

Jewelry, Art, and Collectibles: When Standard Coverage Isn’t Enough

A common assumption is that homeowners insurance automatically provides full protection for valuable items. In reality, most policies have limits—especially for categories like jewelry or fine art. Claims for these pieces under a standard policy are often capped at just a few thousand dollars, which may fall short of an item’s true worth.

To fully protect high-value items, additional coverage is often needed. Many people add a scheduled personal property endorsement (sometimes called a rider) to their policy. This approach ensures the item is insured for its full appraised value and can also provide protection for losses that aren’t typically covered, such as accidental damage or mysterious disappearance.

Most insurers will require a recent appraisal before scheduling the item, and it’s wise to update those values every few years. For fine art or unique collections, a specialty policy may be appropriate—especially if pieces are moved frequently, loaned to galleries, or displayed in locations outside your home.

Here are a few key reminders for jewelry and other valuable gifts:

• Coverage doesn’t automatically transfer when you give or inherit a piece. The new owner must add it to their policy.
• High-value items may benefit from stand-alone “valuable items” or “personal articles” insurance, available from many major carriers.
• Keep documentation like receipts, photos, appraisals, and serial numbers. These records help establish ownership and speed up claims if needed.

Gifts with sentimental meaning are priceless—but their financial value can and should be protected with the right insurance.

Buying a New Car? Don’t Rely Only on the Grace Period

Presidents’ Day is a favorite time to shop for a new vehicle. Fortunately, many insurers extend temporary coverage to newly purchased cars, typically lasting from a week to 30 days. During this window, your new vehicle usually inherits the same protections as your existing insured vehicle.

Still, there are important details to know:

• The grace period applies only if you already have an active auto policy in place. Without existing coverage, you’ll need a policy before hitting the road.
• If you insure multiple vehicles, the new one often receives the broadest coverage among them—but only for the grace period.
• This temporary coverage mirrors what you already carry. For example, if your current car only has liability coverage, your new vehicle will too until you update your policy.

Before the grace period ends, it’s essential to formally add the new vehicle to your policy. If you’re purchasing or leasing through a lender, you’ll likely be required to maintain comprehensive and collision coverage. Some lenders will also require gap insurance, which covers the difference between the car’s value and the amount you owe if it’s totaled.

Don’t forget to remove any older vehicles you are no longer using, so you’re not paying for unnecessary coverage.

Whenever you bring home a new vehicle, make sure to:

• Update your insurer right away to avoid any gaps in protection.
• Adjust coverage limits and deductibles to match your new car’s value and your comfort level.
• Confirm driver details, garaging location, and vehicle usage.
• Store your bill of sale, registration, and insurance ID card somewhere easily accessible.

Smart Recordkeeping: Your Best Ally

No matter what you’re insuring—jewelry, art, collectibles, or vehicles—good documentation is critical. Organized records can streamline the process of setting up coverage and help you sail through a claim if one ever arises.

To stay prepared:

• Keep receipts, appraisals, and identifying numbers stored securely.
• Create digital backups, including photos and detailed descriptions, and save them in reliable cloud storage.
• Review home and auto policies once a year or after any major purchase to ensure coverage still matches your belongings.
• Ask your agent about possible discounts—sometimes adding items can help you save elsewhere.

It’s Not Too Late If You Forgot

If you purchased something a while ago and never got around to adjusting your coverage, don’t worry—you’re not alone. Life gets busy, and it’s common to delay these tasks.

The good news is that an agent can still help. They can review your recent purchases, recommend whether items should be scheduled, and make sure your policies reflect what you own today.

Final Thoughts: Enjoy February With Peace of Mind

Whether you’re gifting sparkling jewelry, bringing home a new car, or investing in a piece of art that brings you joy, February gifts often become cherished parts of your life. Taking a little time to review your insurance ensures those items are protected—both emotionally and financially.

If you’re planning a purchase this month or want to update coverage for something new, I’m here to help you get everything squared away. A quick conversation can give you confidence that your valuables are properly insured, letting you enjoy them with peace of mind.