February may be the shortest month of the year, but for many people, it’s one of the priciest. From Valentine’s Day jewelry and meaningful gifts to major Presidents’ Day auto deals, this time of year often involves purchases that carry emotional and financial significance. Before you enjoy or give away something special, it’s essential to make sure the right insurance protections are in place.
Finding a great deal or meaningful gift is exciting. But whether you’re slipping a ring into a red velvet box, hanging a new piece of art, or driving off in your latest vehicle, there’s a crucial step you don’t want to skip: confirming that your insurance will cover the item if something unexpected happens.
This guide walks through what to consider when protecting Valentine’s Day and Presidents’ Day purchases—especially jewelry, fine art, collectibles, and new vehicles—along with some simple recordkeeping tips that can make life easier later.
Why You Should Think About Coverage Before Using or Gifting
When it comes to high-value purchases, waiting to sort out the insurance can be a costly mistake. Items can be lost, stolen, or damaged in moments—on the ride home, during travel, or even while being gifted. Ensuring proper coverage before the item is used or handed over is the safest approach.
This is especially important in February. Engagement rings, collectible watches, art purchased at winter auctions, and vehicles bought during Presidents’ Day promotions all come with different insurance needs. The goal is simple: match the coverage to the item’s value and risk so you’re not caught off guard if something goes wrong.
Jewelry, Art, and Collectibles: More Protection Than a Standard Policy
Many people assume their homeowners policy fully covers high-value items. In reality, most standard policies have strict limits—especially for jewelry and fine art. Claims for these categories are often capped at just a few thousand dollars, which may not come close to replacing what the item is truly worth.
That’s where additional protection becomes essential. Jewelry, fine art, and other personal valuables often need separate coverage to ensure their full value is protected. Adding a scheduled personal property endorsement allows you to insure each piece for its appraised value. These endorsements often include protections that aren’t part of standard homeowners policies, such as accidental damage or mysterious disappearance.
Insurers typically require a recent appraisal to schedule an item, and it’s wise to update those values every two to three years. Fine art may need a more specialized policy, especially if it’s transported, displayed in galleries, or moved between locations.
A few reminders for high-value gifts:
- When jewelry is gifted or inherited, coverage doesn’t automatically transfer. The new owner must add it to their own policy.
- For especially expensive items, consider standalone “valuable items” or “personal articles” insurance offered by many major carriers.
- Keep documentation—photos, receipts, appraisals, and serial numbers—to prove value and ownership if you ever need to file a claim.
The emotional meaning behind a gift may be priceless, but its financial value should still be protected.
Buying a New Vehicle: Understanding Grace Periods and Next Steps
Presidents’ Day is a popular time to buy a car, truck, or SUV. The good news is that most insurers automatically extend your existing auto insurance to the new vehicle for a short period—usually between seven and 30 days, with many carriers offering two to four weeks.
During this grace period, the new vehicle typically receives the same coverage and limits as the broadest policy on your current cars. However, there are important limitations:
- You must already have an active auto insurance policy. If you don’t currently carry auto coverage, you need a policy in place before you drive the vehicle.
- The temporary coverage is only as strong as your existing policy. For example, if you only have liability coverage today, your new car will only have liability during the grace period.
- If you’re financing or leasing the vehicle, your lender will likely require collision, comprehensive, and possibly gap insurance to protect against depreciation.
Once you finalize your purchase, make it a priority to:
- Contact your insurer right away to officially add the vehicle to your policy.
- Adjust your limits and deductibles based on your new vehicle’s needs.
- Update details like drivers, garaging location, and usage type (commute, personal, or business).
- Store documents—registration, bill of sale, and insurance ID card—for quick access.
If you’re selling or trading in an older car, remember to remove it from your policy so you don’t pay for unnecessary coverage.
Keep Good Records to Make Life Easier
No matter what you’ve purchased, good recordkeeping goes a long way in protecting your investment. Organized documentation helps streamline policy updates and speeds up claims if something goes wrong.
Helpful habits include:
- Saving digital copies of receipts, appraisals, photos, and VINs in secure cloud storage.
- Photographing new purchases—front, back, and unique markings—to help with identification.
- Reviewing your home and auto insurance at least once a year to ensure your coverage still matches what you own.
- Checking with your agent about potential bundling or multi-policy savings after adding new valuables.
These simple steps help create a clear record for both you and your insurer.
What If You Forgot to Insure Something?
If you bought something months ago—or even last year—and haven’t insured it yet, you’re not alone. Life gets busy, and it’s easy to push this task to the bottom of your list.
The upside is that it’s not too late. An insurance professional can review your recent purchases, recommend coverage options, and help you get the right protection in place moving forward.
Final Thoughts: Enjoy February, and Safeguard What Matters Most
Whether you’re celebrating love, taking advantage of holiday sales, or investing in meaningful items, February often brings purchases that hold special importance. Taking a little time to ensure they’re properly insured protects both the sentiment behind the gift and the financial value.
If you’re planning a new purchase this month—or need help covering something you recently added to your life—I’m here to help you make sure everything is fully protected.
