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

February’s Big Purchases Deserve Proper Protection

Although February is the shortest month of the year, it often brings some of the biggest purchases. From Valentine’s Day jewelry and meaningful gifts to major Presidents’ Day deals on vehicles and specialty items, many people find themselves investing in things with significant emotional and financial value. That makes it essential to ensure these purchases are protected from day one.

It’s easy to get swept up in the excitement of finding the perfect ring, scoring a great price on a new car, or finally purchasing artwork you’ve admired for months. But before you place that necklace in a velvet box or drive your shiny new vehicle off the lot, there’s one crucial step to take: confirming that your insurance coverage matches the importance of the purchase.

This blog explains the key protections worth considering for February gift-giving and spending—from fine jewelry and art to new vehicles—along with simple recordkeeping habits that can save you stress in the long run.

Why It’s Important to Confirm Coverage Early

For high-value purchases, it’s best not to wait until the last minute to update your insurance. Items can be stolen, damaged, or misplaced within hours of buying them—sometimes even on the way home. That’s why it’s important to make sure coverage is in place before you gift or start using high-value items.

Whether it’s a watch intended for a Valentine’s Day surprise, a Presidents’ Day vehicle purchase, or a new piece of art, each item brings unique insurance considerations. Your goal is simple: align your insurance coverage with the true risk and value of what you’ve purchased. Doing this early helps you avoid unpleasant surprises if something goes wrong.

Jewelry, Art, and Collectibles: What Homeowners Insurance Doesn’t Cover

It’s a common misconception that a standard homeowners policy provides full protection for valuable items. In reality, these policies often cap coverage amounts for categories like jewelry, collectibles, and fine art. In many cases, the limit for a claim may fall between $1,000 and $5,000—far less than the value of many modern engagement rings, luxury watches, or original artwork.

That’s why supplemental protection is so important. High-value items may require additional insurance in the form of scheduled personal property coverage (often called an endorsement or rider). This type of coverage ensures that if something happens, you’re reimbursed for the item’s appraised value rather than a small, policy-driven limit. Riders can also cover types of loss that typical homeowners policies don't include, such as accidental damage or unexplained disappearance.

Scheduling an item usually requires a recent appraisal, and it’s wise to update these appraisals every two to three years to make sure your coverage reflects current market value. Fine art, in particular, may require a more specialized policy that includes protection during transit, coverage for restoration, or worldwide protection if you move or loan pieces to galleries.

Key reminders for jewelry, art, and collectible purchases:

• When jewelry is gifted or passed down, coverage does not automatically transfer. The new owner must add it to their own policy.
• For very valuable pieces, look into stand-alone “valuable items” or “personal articles” insurance offered by many major carriers.
• Keep documentation such as receipts, appraisals, serial numbers, and photographs. These records are essential when obtaining insurance and filing claims.

While some gifts hold irreplaceable sentimental value, their financial worth deserves solid protection.

Buying a New Car? Know Your Grace Period

Presidents’ Day is a popular time to shop for new cars, trucks, and SUVs. Fortunately, most insurance companies offer an automatic grace period that temporarily extends your current auto policy to your newly purchased vehicle. This window varies but typically ranges between 7 and 30 days, with many insurers offering 14–30 days of coverage.

During this temporary period, your new vehicle typically adopts the same types of protection and limits that you already carry on another insured vehicle.

Important things to keep in mind:

• The grace period usually only applies if you already have an active auto insurance policy. Those without existing coverage generally need to secure insurance before driving the new car.
• If you’re insuring multiple vehicles, your new purchase often takes on the most robust coverage among them—but only during the grace period.
• If your current policy only includes liability coverage, the new vehicle will likely have liability-only coverage until you update your policy.

Before the grace period ends, you must formally add the vehicle to your policy. If the car is financed or leased, your lender will likely require collision and comprehensive coverage. They may also require or recommend gap insurance, which covers the difference between what you owe on the loan and the actual cash value of the vehicle.

If you’re also selling or trading in an older vehicle, be sure to remove it from your policy so you’re not paying for unnecessary coverage.

A few smart habits when buying a vehicle:

• Let your insurer know about the purchase as soon as possible.
• Review your coverage levels to make sure they’re appropriate for the new car’s value.
• Update driver information, garaging location, and how the car will be used.
• Store your bill of sale, registration, and insurance ID card where they’re accessible.

Why Good Recordkeeping Matters

Whether your February purchases include jewelry, a vehicle, or unique collectibles, keeping clear records is one of the most effective ways to streamline both insurance setup and future claims.

• Organize receipts, appraisals, warranty cards, and serial numbers.
• Save digital versions of important documents and images in secure cloud storage.
• Take photos of new items—including multiple angles and identifying details—to help with identification.
• Review home and auto policies annually or after major purchases.
• Ask whether new items qualify you for bundle discounts or policy adjustments.

Strong documentation ensures your insurer can move quickly and fairly if you ever need to file a claim.

If You’re Late—Don’t Stress

If you bought a valuable item weeks or even months ago and still haven’t handled the insurance piece, you’re far from alone. Life gets busy, and it’s easy to put off these tasks once you’ve started enjoying something new.

The good news is that it’s not too late. An insurance professional can review your recent purchases, recommend whether scheduling makes sense, and help you update your coverage so everything reflects your current lifestyle.

Final Thoughts: Enjoy February and Protect What Matters

February brings gifts, surprises, and big purchases that often become lifelong memories. Taking a few minutes to review your insurance now ensures those meaningful items are protected—emotionally, financially, and practically.

If you’re adding something new to your life this month or have items you’ve been meaning to insure, now is a great time to get everything aligned. A quick conversation can give you confidence that your new jewelry, artwork, or vehicle is properly covered from the start.