Protecting Your Valentine’s Day and Presidents’ Day Purchases: What to Know Before You Celebrate

February might be the shortest month of the year, but it often packs a financial punch. With Valentine’s Day gifts, romantic surprises, and major discounts tied to Presidents’ Day sales—especially on vehicles—many people make meaningful purchases during this time. These items often carry emotional weight and represent significant financial value, making proper protection essential.

It’s natural to get swept up in the excitement of presenting a special piece of jewelry, driving home a new car, or finally purchasing that artwork you’ve been admiring. But before you gift, wear, display, or use anything new, there’s an important step that deserves attention: making sure your insurance will step in if something unexpected happens.

This guide breaks down the most important coverage considerations for February purchases, from jewelry and fine art to brand-new vehicles. You’ll also find helpful reminders about documentation and timing to ensure your investment stays protected.

Why Insurance Should Be a Priority Before You Use or Gift an Item

When it comes to high-value items, it’s risky to postpone updating your insurance. Loss or damage can occur instantly—on the way home, during travel, or immediately after giving the gift. Because of that, it’s best to have the right coverage in place before the item changes hands or becomes part of your daily life.

February purchases make this especially true. Engagement rings, collectible watches, deeply discounted Presidents’ Day vehicles, and newly acquired artwork all come with unique coverage needs. The key is making sure your insurance aligns with the worth and potential risks of each item, so you aren’t left unprepared when you need support.

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

Many people assume their homeowners policy will fully cover valuable items. However, most standard policies include sublimits for categories like jewelry and fine art. These caps often fall between $1,000 and $5,000—far below the value of many engagement rings, heirlooms, or one-of-a-kind pieces.

That’s why supplemental coverage is often essential. High-value jewelry, fine art, and collectibles typically require additional protection beyond what’s included in a basic homeowners policy. A scheduled personal property rider (also called an endorsement) allows you to insure specific items for their full appraised value. These riders can also provide coverage for types of loss not included in standard policies, such as mysterious disappearance or accidental damage.

In most cases, insurers will require a recent appraisal before scheduling an item. Appraisal values should be updated every two to three years to ensure your coverage remains accurate. For certain fine art pieces, a standalone specialty policy may be necessary. These policies can include transit coverage, restoration benefits, and protection while items are displayed or transported—helpful for anyone who moves frequently, loans artwork to galleries, or travels with collectibles.

Here are a few reminders to keep in mind for high-value Valentine’s Day purchases:

• If you give or inherit jewelry, the insurance does not transfer automatically. The new owner must add it to their own policy.
• For expensive pieces, consider dedicated “valuable items” or “personal articles” coverage from well-known carriers such as Travelers, State Farm, or Liberty Mutual.
• Keep receipts, photos, serial numbers, and appraisal documents. These records support both your insurance setup and any future claims.

A meaningful gift or treasured collectible may be irreplaceable sentimentally, but its financial value can and should be safeguarded with the right insurance.

New Vehicles: Understanding Grace Periods and Key Insurance Steps

Presidents’ Day is a popular time to shop for cars, trucks, and SUVs. Fortunately, many insurance companies automatically extend your existing auto coverage to a newly purchased vehicle—typically for seven to 30 days, with most carriers offering 14–30 days of temporary protection. During this window, your new vehicle usually receives the same types and levels of coverage as your existing insured car.

There are several important details to understand about these grace periods:

• You must already have an active auto insurance policy covering at least one vehicle for the grace period to apply. If you don’t currently have coverage, you’ll need a policy before driving your new car.
• If you insure multiple vehicles, the new one will often receive the broadest coverage among them—but only until the grace period ends.
• Your temporary protection mirrors your existing coverage. For example, if your current policy only includes liability coverage, your new car will only have liability coverage until you update the policy.

Before the grace period ends, be sure to officially add your new vehicle to your policy and adjust coverage as needed. If your car is financed or leased, your lender will likely require collision and comprehensive coverage, and may also require or recommend gap insurance to help cover the difference between your loan balance and the car’s market value.

And don’t forget the flip side of the process—if you’re selling or trading in your old vehicle, remove it from your policy so you’re not paying for unnecessary coverage.

Whenever you purchase a new vehicle, make it a habit to:

• Contact your insurer before leaving the dealership or shortly afterward to update your policy.
• Adjust limits and deductibles to reflect your new vehicle’s value and your comfort level.
• Update driver information, garaging address, and usage details (such as commuting patterns or business use).
• Keep copies of your bill of sale, registration, and insurance ID card for easy reference.

One quick conversation with your agent can ensure your new car is properly protected from day one.

Recordkeeping: A Small Effort That Saves Major Hassle

Whether you’re dealing with jewelry, fine art, collectibles, or vehicles, good recordkeeping is one of the most effective ways to support your coverage and future claims.

Be sure to maintain receipts, serial numbers, appraisal documents, and photos. These records are essential for setting up insurance, but they also make any claims process smoother. You can take your organization a step further by:

• Saving digital copies of receipts, appraisals, photographs, and VINs in secure cloud storage.
• Taking photos of new purchases—including closeups of unique details—to help with identification.
• Reviewing your homeowners and auto policies annually or after any major purchase to ensure your coverage remains accurate.
• Asking your agent whether newly insured items qualify you for bundling or multi-policy discounts.

These habits help create a clear, organized record that your insurer can use to process claims quickly and fairly.

If You’re Behind, Don’t Stress

If you purchased something months ago—or even last year—and never updated your insurance, you’re far from alone. Life gets busy, and it’s easy to overlook these details in the excitement of enjoying something new.

The good news is that you can still catch up. An agent can review your purchases, help determine which items need to be scheduled, and update your policies so your coverage accurately reflects what you own moving forward.

Final Thoughts: Enjoy the Month, and Protect What Matters Most

February often brings some of the most meaningful purchases of the year—sparkling jewelry, new cars, artwork, or collectibles with sentimental and financial significance. Taking the time to confirm proper insurance coverage ensures those items are protected from the moment they become part of your life.

If you’re planning a special purchase this month—or if you’ve been meaning to update your coverage on recent buys—I’m here to help you make sure everything is properly insured. A quick conversation can give you peace of mind, allowing you to enjoy your new item knowing you’ve taken the right steps to safeguard it.