February may be the shortest month of the year, but it’s often one of the busiest — and priciest — when it comes to meaningful purchases. From Valentine’s Day jewelry and romantic gifts to major Presidents’ Day car sales, many people make significant buys during this time. These items can carry emotional significance as well as financial weight, making proper protection an important part of the process.
It’s natural to get wrapped up in the excitement of choosing the perfect ring, finally securing a great deal on a new car, or bringing home a piece of art you’ve admired for months. But before these purchases are worn, gifted, displayed, or driven home, there’s a crucial step to consider: making sure your insurance coverage is ready if something unexpected happens.
This rewritten version of the original blog walks through key considerations for Valentine’s Day and Presidents’ Day purchases — including jewelry, fine art, collectibles, and vehicles — along with helpful recordkeeping habits that can save you time, money, and stress down the road.
Why Address Coverage Before the Gift Exchange or First Use
For many high-value items, delaying insurance updates can lead to gaps in protection. Unfortunately, loss can occur quickly — an item might be stolen, broken, or misplaced on the way home, during travel, or even as a gift is being exchanged. That’s why coverage should ideally be in place before the item changes hands or enters everyday use.
February purchases often require attention right away. Whether you’re planning a proposal with a new ring, buying a collectible watch, taking advantage of a Presidents’ Day car deal, or adding a new painting to your home, each of these items carries specific insurance considerations. The goal is simple: ensure that your protection matches both the value and the risks associated with the purchase.
Jewelry, Fine Art, and Collectibles: When Homeowners Insurance Isn’t Enough
Many people assume their homeowners insurance automatically covers high-value items in full. In reality, most policies include strict sublimits for categories like jewelry, art, or rare collectibles. A basic policy may cap payouts at just a fraction of an item’s worth — often somewhere between $1,000 and $5,000.
This is where added protection becomes essential. High-value pieces may require separate coverage beyond what your homeowners policy offers. A scheduled personal property endorsement (often called a “rider”) allows you to insure valuable items for their full appraised amount. These riders can also cover types of losses that standard policies may exclude, such as accidental damage or mysterious disappearance.
To schedule an item, insurers typically require a recent appraisal, and values should be reviewed every few years to ensure accuracy. Some fine art pieces may even need specialized coverage that accounts for handling, transit, restoration, or worldwide exposure — especially if you travel with art, move homes, or lend items to galleries.
Here are key reminders if you’re purchasing or gifting valuable items this month:
- Insurance coverage doesn’t transfer automatically when jewelry is gifted or inherited. The new owner has to add the item to their own policy.
- For especially expensive items, consider separate “valuable items” or “personal articles’’ policies offered by many major insurers.
- Keep detailed records, including receipts, photos, appraisals, and serial numbers. These documents help establish ownership and value if you ever need to file a claim.
A thoughtful gift or investment piece may be priceless emotionally, but it still deserves financial protection that reflects its full value.
Buying a New Vehicle: Understanding Grace Periods and Next Steps
Presidents’ Day is known for auto sales, and many buyers drive home in a new car, truck, or SUV during the holiday weekend. Fortunately, most insurers offer automatic temporary coverage for newly purchased vehicles. Depending on the insurer, this grace period can last from about a week to a full month, with many falling in the 14–30 day range. During that time, your new vehicle typically mirrors the coverage limits of another car already insured under your policy.
There are important nuances to keep in mind:
- The grace period only applies if you already have an active auto policy. If you don’t currently have coverage, you’ll need a policy before you drive the new vehicle.
- If you insure multiple vehicles, the new one often inherits the broadest existing coverage — but only temporarily.
- Temporary coverage reflects your current policy, which means a liability-only policy won’t automatically provide collision or comprehensive coverage for your new car.
Before your grace period ends, make sure your insurer formally adds the new vehicle to your policy. If the vehicle is financed or leased, your lender will require collision and comprehensive coverage, and may recommend gap insurance to protect against depreciation.
If you’re trading in or selling a previous vehicle, don’t forget to remove it from your policy so you’re not paying for unnecessary coverage.
Whenever you purchase a new car, it’s smart to:
- Notify your insurance provider right away or within the grace window.
- Update coverage levels and deductibles to match your new vehicle’s value.
- Confirm driver information, usage (commuting vs. personal), and garaging address.
- Keep your bill of sale, registration, and insurance ID card accessible.
Recordkeeping Tips to Protect All Your Purchases
Whether you’re dealing with a dazzling new piece of jewelry, a work of art, a rare collectible, or a new vehicle, good documentation can make an enormous difference. Strong recordkeeping supports smooth claims and ensures you have accurate information when updating your policies.
Consider these habits:
- Organize receipts, appraisals, and serial numbers in one place.
- Maintain digital copies of receipts, appraisals, photos, and VINs through secure online storage.
- Photograph new items from multiple angles for easier identification later.
- Review your home and auto insurance annually to make sure your coverage reflects your current belongings.
- Ask whether bundling discounts are available when you add new items or vehicles to your policies.
If You’re Late Updating Coverage, Don’t Stress
If you bought something months ago and never got around to adjusting your insurance, you’re not alone. Life gets busy, and it’s easy to put things off — especially when you’re excited to enjoy a new purchase.
The upside: it’s rarely too late to review your coverage. An agent can help you determine what needs to be added or scheduled and ensure your policies reflect the items you own now, not just what you had years ago.
Final Thoughts: Enjoy the Month, and Protect What Matters
Valentine’s Day and Presidents’ Day often bring meaningful new additions to your life — sparkling jewelry, a long-awaited vehicle, unique art, or treasured collectibles. Taking time to think through your insurance needs beforehand helps protect both the monetary and emotional value of these purchases.
If you’re planning a special purchase this February — or if you’ve recently added something new that should be insured — taking a few simple steps can help you enjoy it with confidence, knowing you’ve covered what matters most.