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 special gifts to the major discounts offered during Presidents’ Day auto sales, many people make meaningful buys that carry both emotional and financial weight. Because these items can be valuable in more ways than one, it’s important to make sure they’re properly insured from the start.
It’s easy to get caught up in the excitement of choosing the perfect present or finally making that long-awaited purchase. But before you slip on a piece of jewelry, hang new art in your home, or drive your latest vehicle off the lot, there’s a critical step worth taking: confirming that your insurance provides the protection you’ll need if something unexpected happens.
This article outlines the coverage to consider for popular February purchases—like jewelry, fine art, collectibles, and new vehicles—and highlights practical recordkeeping tips that can help streamline the claims process if you ever need it.
Why Insurance Matters Before You Use or Gift a Purchase
When you bring home something valuable, waiting until “later” to think about insurance can leave you unprotected. High-value items are vulnerable to loss, theft, or damage from the moment they leave the store. A gift could be misplaced during a trip, a piece of art could be damaged in transit, or jewelry could be lost before it’s even worn.
February brings a unique mix of purchases that raise these concerns. Whether it’s an engagement ring for a Valentine’s proposal, a collectible timepiece, a Presidents’ Day car deal, or a newly acquired painting, each type of item comes with its own insurance needs. Matching the right coverage to the item’s value and risk ensures that you aren’t caught off guard by gaps in your protection later on.
Jewelry, Fine Art, and Collectibles: What Homeowners Insurance Doesn’t Fully Cover
Many people assume their homeowners insurance automatically covers all valuables in full. In reality, most standard policies place limits—called sublimits—on categories like jewelry, art, and collectibles. These caps typically fall between $1,000 and $5,000, which often doesn’t come close to covering the actual value of higher-end pieces.
That’s where extra protection becomes essential. Items such as engagement rings, original artwork, or rare collectibles may require additional coverage beyond what a standard homeowners policy offers. Adding a scheduled personal property endorsement allows you to insure high-value belongings for their appraised worth. This type of rider may also cover losses that aren’t typically included in basic policies, such as accidental damage or mysterious disappearance.
Most insurers require a recent appraisal before an item can be scheduled, and it’s best to update these values every few years so your coverage keeps pace with market changes. Certain types of art may even need a specialized policy that includes coverage during transit, while on loan, or worldwide—especially useful for collectors who move pieces or store them off-site.
Keep these additional tips in mind when insuring Valentine’s gifts or other significant purchases:
- If jewelry or art is gifted or inherited, coverage does not transfer automatically. The new owner must add it to their own insurance policy.
- For high-value pieces, explore separate policies like “valuable items” or “personal articles” insurance offered by major carriers.
- Hang onto receipts, appraisals, photos, and serial numbers. These documents can make establishing coverage and filing future claims much easier.
Even though these items may have deep emotional meaning, their financial value can be safeguarded through proper coverage.
New Vehicles: Understanding Grace Periods and Next Steps
Presidents’ Day is a popular time for buying a new car, and most insurers provide a grace period that automatically extends your current coverage to your newly purchased vehicle. This temporary protection typically lasts anywhere from seven to 30 days, with many companies offering about two to four weeks of coverage.
Understanding how this grace period works is important:
- You must already have an active auto policy covering another vehicle for the grace period to apply. If you don’t currently have insurance, you’ll need to secure a policy before you drive your new car.
- If you insure multiple vehicles, the new one often inherits the broadest level of protection on the existing policy—though only for the duration of the grace period.
- The temporary coverage matches your current plan. For example, if you only carry liability coverage on an older car, the new car will also only have liability until you formally update your policy.
Before the grace period expires, make sure the new car is officially added to your insurance policy. If you lease or finance the vehicle, your lender will almost always require collision and comprehensive coverage, and may encourage gap insurance to cover the difference between the car’s value and the remaining loan amount.
If you’re trading in or selling your old car, don’t forget to remove it from your policy so you aren’t paying for unnecessary coverage.
Anytime you buy a vehicle—during Presidents’ Day sales or otherwise—make sure you:
- Contact your insurer before driving off the lot or shortly afterward to adjust your policy.
- Update coverage limits, deductibles, and usage details to reflect the new vehicle.
- Keep important documents like the bill of sale, registration, and insurance ID card handy.
A quick conversation with your agent ensures your new car is protected from the start.
Recordkeeping Tips for Easier Claim Experiences
Whether you’re insuring jewelry, fine art, collectibles, or a new vehicle, good recordkeeping can make a huge difference. Clear documentation helps establish ownership, verify value, and support claims if something happens.
Consider adopting these habits:
- Store digital copies of appraisals, receipts, photographs, and VINs in secure cloud storage.
- Take detailed photos of new purchases, including close-ups and any unique markings.
- Review your policies annually or after major purchases to ensure coverage keeps pace with your belongings.
- Ask your agent about bundling discounts—adding new valuables or vehicles may unlock potential savings.
These small steps create a clear paper trail that can speed up and simplify the claims process.
If You Forgot to Add Coverage, You’re Not Alone
If you bought something weeks—or even months—ago and never got around to insuring it, don’t worry. Life gets busy, and many people don’t update their coverage right away. The good news is that an agent can still help you get your policies up to date so your current protection matches what you own.
Final Thoughts: Protect What You Love This February
Valentine’s Day and Presidents’ Day often bring memorable purchases, whether it’s sparkling jewelry, a new vehicle, or a meaningful piece of art. Taking a little time to review and update your insurance helps protect both the sentimental and financial value of these items.
If you’re planning a new purchase this February—or if you recently bought something and still need to update your coverage—I’m here to help you make sure everything is properly protected. A short conversation can give you peace of mind and help you enjoy your new items even more.
