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

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 bring home items that carry both emotional and financial significance. Because these purchases can mean so much, it’s essential to make sure they’re properly insured from the start.

It’s easy to get swept up in the excitement of a new ring, a surprise piece of art, or a long-awaited vehicle upgrade. But before that gift is unwrapped or that new car leaves the lot, there’s an important step that often gets overlooked: confirming your insurance coverage. Taking a few minutes to review your policies now can prevent unpleasant surprises if something unexpected happens later.

Why You Should Confirm Coverage Before Using or Gifting an Item

When it comes to high-value purchases, waiting to sort out insurance can be risky. Items can be lost, damaged, or stolen at any point—during transit, while traveling, or even right as they’re being presented as a gift. That’s why it’s smart to make sure coverage is in place before the item goes into use.

February highlights just how important this is. A piece of jewelry for a Valentine’s Day proposal, a limited-edition watch, a Presidents’ Day vehicle purchase, or a newly acquired piece of artwork all carry different coverage needs. The key is making sure your insurance matches both the value of the purchase and the risks involved, so you aren’t stuck dealing with gaps when you need support.

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

Many people assume their homeowners policy provides full protection for valuables. However, most standard policies include caps—called sublimits—on certain items, especially jewelry and artwork. These limits often fall between $1,000 and $5,000, which may not come close to covering the value of your new purchase.

That’s where additional coverage is helpful. Items such as jewelry, collectibles, and fine art often need separate protection to ensure they’re fully covered. Adding a scheduled personal property rider (also known as an endorsement) allows you to insure a valuable item for its appraised amount. These riders can also cover situations not typically included in standard policies, such as accidental damage or unexplained loss.

If you plan to schedule an item, most insurers will request a current appraisal. Keeping those appraisals updated every two to three years ensures your coverage matches the item’s true value. Some types of fine art may even require specialized policies that include worldwide travel, restoration, and transit coverage, which is especially important if you ever move pieces between locations or loan them for display.

Here are a few important reminders for Valentine’s Day and other major gift purchases:

• If you gift or inherit jewelry, the insurance coverage doesn’t move with the item. The new owner must add it to their own policy.
• For high-value pieces, you may want to explore valuable items or personal articles policies offered by carriers like Travelers, State Farm, Liberty Mutual, and others.
• Keep receipts, photos, serial numbers, and appraisals. These are essential not only for coverage but also for proving ownership if a claim is ever filed.

A meaningful, one-of-a-kind gift may hold deep sentimental value, but the financial value should be protected too. Proper coverage ensures both are well cared for.

Buying a New Vehicle: Understanding Grace Periods and Next Steps

Presidents’ Day is a popular time for upgrading vehicles, and most auto insurers provide a built-in grace period that temporarily extends your current coverage to your new purchase. This window typically ranges from seven to 30 days, with many insurers offering somewhere between 14 and 30 days of temporary protection.

During the grace period, your new car usually takes on the same coverage you already have on another vehicle in your policy. However, there are several key details to keep in mind:

• The grace period typically applies only if you already have an active auto policy. If you don’t currently have coverage, you’ll need to secure a policy before driving your new vehicle.
• If you insure multiple cars, the new vehicle usually receives the highest level of protection among them—again, only for the length of the grace period.
• The temporary coverage mirrors your existing policy. If you carry liability-only coverage on your current car, your new one will usually default to that same level until you update the policy.

Before the grace period expires, make sure the new vehicle is officially added to your policy. If the car is financed or leased, your lender will likely require comprehensive and collision coverage, along with gap insurance to safeguard against the difference between what you owe and the vehicle’s market value.

And don’t forget your old car—if you’re trading it in or selling it, be sure it’s removed from your policy so you’re not paying for unnecessary coverage.

Anytime you purchase a vehicle—holiday sale or otherwise—get in the habit of:

• Contacting your insurer right away or shortly after the purchase to update the policy.
• Adjusting limits and deductibles to match the value of the new vehicle.
• Updating usage details, garaging address, and drivers as needed.
• Keeping your bill of sale, insurance ID card, and registration stored safely for quick access.

A short conversation with your agent can make sure your new vehicle is protected from the very first mile.

Recordkeeping Tips for Valuables and New Purchases

No matter what you purchased—a new car, a piece of jewelry, or a collectible—organized records can make a big difference. These documents help verify what you own and support your insurance coverage and claims if something goes wrong.

Whenever possible:

• Store digital copies of receipts, appraisals, photos, and VINs in secure cloud storage.
• Photograph new purchases from multiple angles to document identifying features.
• Review your home and auto policies annually or after major purchases to ensure your coverage limits match your belongings.
• Ask your agent whether adding new items might qualify you for discounts—bundling and policy adjustments sometimes lead to savings.

Good documentation creates a clear trail that helps insurers respond quickly and accurately when you need them most.

If You’re Catching Up on Insurance, It’s Not Too Late

Maybe you bought something recently—or even months ago—and meant to update your insurance but never got around to it. Don’t worry; you’re not the only one. Life gets busy, and new purchases often go straight into use without much thought.

The good news is that you can still get everything properly protected. Your agent can review what you’ve purchased, recommend whether scheduling an item makes sense, and update your policies so your coverage reflects what you own today.

Final Thoughts: Protect Your February Purchases

February often brings meaningful new additions to your life—sparkling jewelry, a fresh set of keys, a special piece of art, or a memorable collectible. Taking a moment to confirm your insurance before you gift or use these items can help you protect the emotional and financial investment behind them.

If you’re planning a special purchase this month—or if you have something new you’ve been meaning to insure—I’m here to help ensure everything is properly covered. A quick conversation can give you peace of mind so you can enjoy your new treasures knowing you’ve taken the right steps to protect them.