February may be the shortest month of the year, but it often brings a surprising number of big purchases. From Valentine’s Day jewelry and meaningful keepsakes to Presidents’ Day car deals and long-awaited upgrades, many of the items bought during this time carry both emotional and financial significance. That’s why taking steps to protect them is just as important as choosing the gift itself.
It’s natural to get caught up in the excitement of finding the right ring, bringing home a new vehicle, or finally purchasing a piece of art you’ve admired for months. But before you wear it, gift it, display it, or drive it home, it’s crucial to confirm that your insurance coverage is fully prepared to protect it. Without the right protection in place, a single unexpected event could turn a joyful purchase into a stressful and expensive ordeal.
This rewritten blog breaks down the most important insurance considerations for items commonly bought in February—from jewelry and artwork to brand-new vehicles—along with simple recordkeeping habits that can help streamline any future claims.
Why Insurance Should Be in Place Before You Use or Gift an Item
High-value items can be lost, stolen, or damaged at any point, sometimes even before they’ve been gifted or used. A ring could slip out of a pocket during travel, a piece of art could be damaged in transit, and a new car could be involved in an accident shortly after purchase. Because of this, it’s essential to make sure proper protection is in place as early as possible.
February purchases often require especially proactive planning. Engagement jewelry, collectible watches, Presidents’ Day vehicles, and newly acquired artwork all come with unique risks and coverage requirements. Matching the insurance to the item’s value ensures you’re not blindsided by unexpected gaps when you need support the most.
Jewelry, Artwork, and Collectibles: Looking Beyond Basic Homeowners Coverage
Many people assume their homeowners policy automatically covers valuable belongings at their full worth. However, most basic policies limit coverage for categories like jewelry and fine art—sometimes only offering $1,000 to $5,000 for a claim. If your newly purchased item is worth much more, a standard policy won’t provide sufficient reimbursement.
To ensure full protection, valuable belongings may need additional coverage. Adding a scheduled personal property endorsement (often called a rider) can extend your protection to the item’s full appraised value. These endorsements also typically cover losses not included in standard homeowners policies, such as accidental damage or unexplained disappearance.
To schedule an item, insurers usually require a recent appraisal. Those values should be refreshed every few years so your coverage stays current. High-value artwork may require more specialized insurance that includes protection during transportation, storage, or restoration—especially if you move frequently or loan pieces to galleries.
A few helpful reminders for high-value Valentine’s gifts or family heirlooms:
- If jewelry or art changes ownership—for example, through a gift or inheritance—the coverage does not follow the item. The new owner must add it to their own policy.
- For particularly valuable pieces, consider stand-alone valuable items or personal articles policies offered by many major carriers.
- Keep receipts, detailed photos, serial numbers, and appraisal records. These documents are vital for establishing value and proving ownership if a claim is ever needed.
While a sentimental item may be priceless emotionally, its financial worth deserves to be fully protected.
Coverage for New Vehicles: Understanding Your Grace Period
Presidents’ Day is known for car shopping, and many insurance companies automatically extend your current auto coverage to a newly purchased vehicle for a limited period. This temporary coverage period—often 14 to 30 days—typically mirrors the broadest protection on your existing policy.
A few important points to keep in mind:
- You must already have an active auto insurance policy covering at least one existing vehicle. If not, you generally need a policy before driving off the lot.
- If you insure multiple vehicles, the new car usually adopts the highest level of coverage among them, but only until the grace period expires.
- Your temporary coverage reflects what you already carry. If your current car only has liability coverage, your new car will also only have liability during the grace period unless you update the policy.
If you’re financing or leasing the vehicle, the lender will typically require collision and comprehensive coverage. Gap insurance may also be necessary to protect the difference between your loan balance and the car’s actual cash value.
When buying a new car—during Presidents’ Day or any other time—make sure to:
- Contact your insurer before or immediately after taking possession of the vehicle.
- Adjust deductibles and coverage limits to reflect the car’s value.
- Confirm driver information, garaging address, and intended vehicle use.
- Keep copies of your bill of sale, registration, and insurance ID card easily accessible.
Recordkeeping Tips for Valuables and Vehicles
No matter what you’ve added to your home or garage, strong recordkeeping can make a major difference if you ever need to file a claim.
To simplify the process:
- Store receipts, appraisals, and serial numbers where you can easily access them.
- Save digital versions of important documents, including photos and VINs, in a secure cloud account.
- Photograph new purchases from all angles, especially any identifying details.
- Review your homeowners and auto policies annually, or after major purchases, to ensure limits still make sense.
- Ask your agent whether adding new items qualifies you for bundling or multi-policy discounts.
With organized records, you’ll have a clear trail that helps your insurer respond efficiently and accurately.
If You’ve Delayed Updating Your Insurance, You’re Not Alone
If you bought something months ago—or even longer—and never updated your policy, don’t worry. It’s common to delay insurance adjustments during busy seasons or the excitement of using something new. Fortunately, there’s still time to fix it.
Your agent can help you figure out whether an item should be scheduled, if your current limits are appropriate, and what updates will best protect your belongings moving forward.
Enjoy February—And Protect the Purchases That Matter
Whether you’re celebrating with sparkling jewelry, upgrading your vehicle, or bringing home a meaningful art piece, February often brings some of the year’s most memorable purchases. Taking a little extra time to review your insurance beforehand can protect both the sentimental and financial value of those items.
If you’re adding something special to your life this month—or if you already have new purchases waiting to be insured—now is the perfect time to make sure everything is properly protected. A quick conversation with your agent can help ensure you start enjoying your new belongings with confidence and peace of mind.
