Protecting Your February Purchases: A Fresh Look at Insuring Valentine’s and Presidents’ Day Buys

February may fly by, but it often brings some of the year’s biggest spending moments. Whether you're picking out a meaningful Valentine’s Day gift or taking advantage of a Presidents’ Day car promotion, those mid-winter purchases usually carry both financial and emotional weight. That’s exactly why making sure they’re properly insured is just as important as choosing the perfect item in the first place.

It’s easy to get wrapped up in the excitement of selecting jewelry, landing a great price on a new car, or finally investing in a piece of artwork you love. But before you slip that ring on a finger, hang the art in your home, or head out for a drive, there’s one essential step to take care of: double-checking that your insurance fully protects your new purchase if something unexpected happens.

This updated guide walks through the key insurance considerations for Valentine’s and Presidents’ Day purchases—from fine jewelry and art to new vehicles—and it also shares helpful tips for staying organized with your important records.

Why You Should Review Coverage Before Using or Gifting an Item

High-value items can be at risk the moment they leave the store. Loss, theft, and accidental damage can happen quickly, sometimes even in transit or while you’re preparing to give a gift. Waiting too long to review your coverage could leave you with gaps at the very moment you need protection.

This is especially true in February, when so many common purchases—engagement rings, luxury watches, new cars, or original artwork—carry special significance and unique coverage needs. Making sure your insurance matches the value and exposure of the item ensures you don’t face an unpleasant surprise during a claim.

Jewelry, Artwork, and Collectibles: What Your Policy May Not Cover

A frequent misconception is that a standard homeowners policy automatically covers high-value belongings at their full worth. In reality, most policies include limits for specific categories, especially for jewelry and fine art. It’s not unusual for a default policy to cap payouts for these items between $1,000 and $5,000—even if the actual value is much higher.

That’s where optional coverage comes into play. Special items like jewelry, collectibles, and fine art typically need additional protection beyond a basic homeowners policy. Adding a scheduled personal property endorsement provides coverage up to the item’s appraised value, and it often includes protections not offered under standard policies, such as accidental breakage or mysterious disappearance.

Most insurance carriers will ask for a current appraisal before scheduling an item, and those values should be revisited every couple of years to keep coverage accurate. For fine art, a dedicated art policy may be the better fit, particularly if your pieces travel, are lent to galleries, or need restoration coverage.

A few helpful reminders for high-value Valentine’s gifts and special purchases:

• When jewelry is gifted or passed down, insurance does not transfer automatically. The new owner must add it to their own policy.
• High-value pieces may be better protected under a separate valuables or personal articles policy offered by many major carriers.
• Keep documentation such as receipts, appraisals, serial numbers, and photos—these will make establishing coverage and filing future claims much smoother.

While the sentimental value of a romantic or one-of-a-kind item can’t be replaced, its financial value absolutely can and should be protected.

Buying a New Vehicle: Understanding Grace Periods and Next Steps

Presidents’ Day is a well-known time to shop for vehicles, and many insurers do provide automatic temporary coverage for newly purchased cars. These grace periods typically last from one to four weeks, depending on your carrier. During that window, your new vehicle generally inherits the same types of coverage and limits as another car already listed on your policy.

However, there are a few key points to keep in mind:

• Grace periods only apply if you already have an active auto insurance policy. Without one, you usually need coverage before driving the new car.
• If you insure multiple vehicles, the new one usually receives the broadest level of protection among them—again, only temporarily.
• The temporary coverage mirrors what you already carry. So if you only have liability coverage on your current car, your new one won’t automatically receive collision or comprehensive protection until you update your policy.

Before your grace window closes, make sure your new car is formally added to your policy. If you’re leasing or financing, the lender will almost always require both collision and comprehensive coverage. Many also recommend gap insurance, which can help cover the difference between your loan balance and the vehicle’s actual cash value.

If you’re trading in or selling an older vehicle, remember to remove it from your policy to avoid paying for unnecessary coverage.

Any time you purchase a new vehicle, make it a habit to:

• Notify your insurer as soon as possible to update your policy.
• Review and adjust coverage limits and deductibles to match the value of your new car.
• Update key details such as garaging location, listed drivers, and how the car will be used.
• Keep your bill of sale, registration, and insurance ID card accessible for verification and claims.

Staying Organized: Records That Make a Big Difference

Whether you’re insuring jewelry, collectibles, or a new car, good recordkeeping is one of the simplest ways to support a smooth claims process. Documentation helps verify ownership and value, and many insurers will require it during both policy setup and claim reviews.

A few best practices include:

• Store digital copies of receipts, appraisals, and photos securely online.
• Photograph new items—including distinguishing details—to help with identification.
• Review your home and auto policies annually or after any major purchase to ensure limits align with what you own.
• Ask whether you qualify for new bundling or multi-policy discounts.

These habits help create a clear, organized record that allows your insurer to respond quickly and accurately if something goes wrong.

If You Haven’t Updated Your Coverage Yet, Don’t Worry

If you bought something a while ago and forgot to update your insurance, you’re not the only one. Busy schedules, excitement, and everyday life can make it easy to postpone coverage updates. The good news is that it’s not too late. An agent can help you review what you own and guide you in updating or adding coverage so your protections match your current needs.

Final Thoughts: Celebrate February with Confidence

February brings meaningful purchases—sparkling jewelry, new vehicles, unique art, or sentimental collectibles. Taking a moment to review your coverage before gifting or using these items is a simple way to protect both the emotional and financial value behind them.

If you’re planning a special purchase this season, or if you have recent buys that still need to be insured, I’m here to help you get everything properly protected. A quick conversation can provide real peace of mind, letting you enjoy your new treasures knowing they’re backed by the right coverage.