How to Protect Your Valentine's and Presidents' Day Purchases

February may fly by, but it’s often one of the priciest months of the year. Between Valentine’s Day jewelry, heartfelt surprises, and the major deals that come with Presidents’ Day auto sales, many people make significant purchases during this short stretch of winter. These items often carry emotional weight and real financial value—making it essential to ensure they’re properly insured from the start.

It’s easy to get caught up in the excitement of choosing the perfect ring, scoring a great price on a new vehicle, or finally bringing home a piece of art you’ve admired. But before you place the gift box in someone’s hands, hang that artwork, or take your new car on its first drive, there’s an important step you shouldn’t skip: confirming that your insurance will provide the protection you expect.

This guide walks through the coverage considerations that matter most for February purchases—from jewelry and fine art to new cars—along with recordkeeping tips that can save you stress down the road.

Why You Should Review Coverage Before You Use or Gift an Item

With higher-value items, waiting to “sort out the insurance later” can leave you vulnerable. Loss, theft, and damage can happen at any point—even while you’re bringing the item home, during travel, or right as the gift is being presented. In many cases, the safest approach is to secure coverage before the new owner wears, displays, or starts using the item.

February makes this especially important. A proposal ring, a luxury watch, a Presidents’ Day car purchase, or a newly acquired painting each comes with its own insurance needs. The key is ensuring your policy aligns with both the value of the item and the risks it may face, so you aren’t surprised by a gap in protection when you need help most.

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

A common misconception is that a standard homeowners policy covers valuable items in full. In reality, most policies include strict limits—especially for categories like jewelry and artwork. Reimbursements for these items under basic coverage often max out at around $1,000–$5,000, which may fall far short of what the piece is worth.

That’s why many valuables require extra coverage. High-end jewelry, art, or collectibles often benefit from a dedicated policy or a scheduled personal property endorsement. Scheduling an item ensures that you’re covered up to its appraised value and can also include protection for risks that aren’t typically addressed in standard homeowners policies, such as accidental breakage or mysterious disappearance.

Most insurers require a current appraisal before scheduling an item, and it’s wise to update those values every few years. Fine art may even need a specialty policy that includes worldwide transit, restoration coverage, and protection during loan periods—especially if pieces are moved, displayed, or transported frequently.

Keep these reminders in mind for Valentine’s Day and any other high-value gifts:

• If a piece of jewelry changes owners—through gifting or inheritance—the coverage does not automatically transfer. The new owner needs to add it to their own insurance.
• For especially valuable items, ask your insurer about standalone "valuable items" or "personal articles" coverage offered by many major carriers.
• Hold onto receipts, photos, appraisals, and serial numbers. These documents help establish both ownership and value during the claims process.

While these gifts may carry priceless emotional meaning, their financial worth can and should be protected with the right coverage.

New Vehicle Purchases: Understanding Grace Periods and Next Steps

Presidents’ Day is well-known for dealership incentives and high auto sales. Fortunately, most insurers offer a grace period for new vehicle purchases. This temporary window—usually between seven and 30 days—extends your existing auto coverage to your new car, typically matching the broadest protection already on your policy.

A few important points to remember:

• If you already have an active auto insurance policy, the grace period generally applies automatically. If you don’t have insurance, you’ll need a policy in place before driving your new vehicle.
• When you insure multiple vehicles, the new one usually receives the widest level of protection among them during the grace window.
• Your temporary coverage mirrors whatever’s currently on your policy. If your existing vehicle only carries liability, your new car will typically have only liability coverage until you officially update your policy.

Before the grace period ends, be sure your new car is formally added to your policy. Lenders often require comprehensive and collision coverage for financed or leased vehicles, and they may also suggest gap insurance, which protects you if the car’s value is lower than your outstanding loan balance.

And don’t forget the trade-in side of things. If you’re replacing an older vehicle, make sure it’s removed from your policy so you aren’t paying for unnecessary coverage.

When buying a new car—whether during Presidents’ Day weekend or any other time—it’s smart to:

• Notify your insurer before you leave the dealership or shortly afterward.
• Review your limits and deductibles to ensure they match your new vehicle’s value and your comfort level.
• Update details like who will drive the car, where it will be parked, and how it will be used.
• Store your bill of sale, registration, and insurance ID card in a safe and accessible place.

A quick conversation with your agent can help guarantee the car is protected from day one.

Smart Recordkeeping for Every Valuable Purchase

Strong recordkeeping habits are one of the easiest ways to protect your valuables—whether they’re pieces of jewelry, collectibles, artwork, or a new vehicle.

Keep receipts, appraisals, and serial numbers organized. These documents are needed not only to set up coverage but also to simplify the claims process. To stay even more prepared:

• Save digital copies of photos, receipts, appraisals, and Vehicle Identification Numbers (VINs) in secure cloud storage.
• Photograph new purchases from multiple angles, including any distinctive details.
• Look over your home and auto insurance annually—or anytime you buy something significant—to confirm that your coverage still fits your situation.
• Ask your agent if expanding your coverage makes you eligible for bundling discounts.

These habits create an organized trail of information that makes it easier for your insurer to respond quickly and fairly if the unexpected happens.

Running Behind? It’s Not Too Late

If you purchased an item months ago—or even last year—and never updated your insurance, don’t panic. Many people put off this step amid busy schedules or excitement over their new purchase.

The good news is that you can still get proper coverage moving forward. An agent can review your recent purchases, determine whether any items should be scheduled, and adjust your policies so your protection matches what you own.

Final Thoughts: Protect the Things That Matter Most

From sparkling Valentine’s Day jewelry to Presidents’ Day vehicles and unique works of art, February often brings meaningful additions to our lives. Spending a little time on insurance before you gift or use these items is a smart way to safeguard both their sentimental and financial value.

If you’re planning a purchase this February—or if something new is already in your home and waiting to be insured—we’re here to help you make sure it’s properly protected. A quick conversation can offer peace of mind, so you can enjoy your new jewelry, artwork, or car knowing you’ve taken the right steps to secure it.