Protecting Your Valentine’s Day and Presidents’ Day Purchases: What to Know Before You Buy

February may be the shortest month of the year, but it often comes with some of the biggest spending moments. From sparkling Valentine’s Day jewelry to surprising a partner with a meaningful gift—or seizing one of the many Presidents’ Day car deals—it’s a month full of high-value purchases. These items frequently hold sentimental and financial importance, making it essential to ensure they’re properly protected from day one.

It’s easy to get wrapped up in the excitement of choosing the perfect necklace, driving home a brand-new car, or finally investing in a piece of art you’ve admired for ages. But before these purchases make their debut—on a finger, in your home, or on the road—there’s a critical step to take: confirming that your insurance coverage truly aligns with their value.

This article breaks down what to think about when insuring Valentine’s Day and Presidents’ Day purchases, including jewelry, fine art, collectibles, and new vehicles. It also shares simple recordkeeping practices that can make future claims far easier.

Why Insurance Should Come First

When it comes to valuable items, waiting to think about coverage can expose you to unnecessary risk. A gift could be lost, stolen, or damaged long before it reaches its new owner—or even before you return home from the store. For many purchases, protecting them before they’re worn, gifted, or used ensures you won’t be caught off guard if something unexpected happens.

This is especially relevant during February’s flurry of special occasions. Whether it’s an engagement ring, a collectible timepiece, a freshly purchased vehicle, or an artwork you finally decided to bring home, each type of item has unique coverage considerations. Ultimately, the goal is simple: make sure your insurance reflects both the value and the risks associated with what you’ve purchased.

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

Many people assume their homeowners policy offers full protection for valuable personal items. In reality, most standard policies have coverage caps—particularly for jewelry and artwork. Claims for these items are often limited to roughly $1,000–$5,000, which may fall far short of their true worth.

That’s where additional coverage steps in. High-value pieces like fine jewelry, art, or unique collectibles often require separate protection to ensure they’re fully insured. Adding a scheduled personal property endorsement allows you to insure items individually for their appraised value. This type of coverage may also include protection for risks that aren’t usually included in a standard homeowners policy—such as accidental damage or mysterious disappearance.

Most insurers require an up-to-date appraisal to schedule an item, and these valuations generally need to be refreshed every two to three years to keep coverage accurate. Fine art may even benefit from a specialty policy that includes protection during transport, coverage for restoration, and worldwide damage—an important detail if you move pieces often, loan items to exhibitions, or take them between locations.

Here are a few helpful reminders for February’s most popular high-value gifts:

• If you gift jewelry, the coverage doesn’t automatically follow the item. The recipient will need to insure it under their own policy.
• For expensive pieces, look into “valuable items” or “personal articles” policies offered by many major insurers.
• Hang onto receipts, photos, appraisals, and serial numbers. These documents are essential for both obtaining coverage and proving value if you ever need to file a claim.

Sentimental gifts may be priceless emotionally, but their financial value is well worth protecting with the right insurance.

Buying a New Vehicle? Understand Grace Periods and Next Steps

Presidents’ Day is known for competitive auto sales, and many buyers drive off the lot with a new car, truck, or SUV this time of year. Fortunately, most insurers offer a grace period for newly purchased vehicles—typically anywhere from seven to 30 days, with many falling between 14 and 30 days. During that window, the new vehicle usually “inherits” the coverage from your existing policy.

However, there are important details to keep in mind:

• The grace period generally applies only if you already have an active auto policy. Without existing insurance, you'll need a policy before driving off the lot.
• If you insure multiple cars, the new one typically adopts the broadest coverage you already carry—but only during the grace period.
• Temporary coverage mirrors what you currently have. For example, if you only carry liability on your existing car, your new vehicle will not have comprehensive or collision unless you add it.

Before the grace period ends, make sure your new car is formally added to your policy. If you’re financing or leasing, your lender may require additional protections like comprehensive, collision, or gap insurance to safeguard your investment.

And don’t forget to remove any vehicle you’re selling or trading in. Keeping an old car on your policy longer than necessary means paying for coverage you’re not using.

When you buy a vehicle—whether it’s Presidents’ Day or any other day—make a point to:

• Reach out to your insurer before driving home or shortly afterward to update your policy.
• Adjust limits and deductibles to reflect the value of your new vehicle.
• Update driver information, garaging address, and usage details.
• Keep your registration, bill of sale, and insurance ID card accessible for verification and everyday needs.

A quick call or email ensures your new vehicle is fully protected from the moment you take ownership.

Good Recordkeeping Makes Everything Easier

No matter what you’re insuring, strong recordkeeping can save time and reduce stress if you ever need to file a claim. Make it a habit to keep documentation like receipts, appraisals, and serial numbers in an organized place. To streamline things even more:

• Store digital versions of receipts, photos, appraisals, and VINs in secure cloud storage.
• Photograph new purchases from multiple angles to help verify condition and authenticity.
• Review your insurance policies annually—or after major purchases—to confirm your coverage still matches what you own.
• Ask your insurer whether adding valuables or vehicles qualifies you for any bundling or multi-policy discounts.

Clear records allow your insurer to respond quickly and accurately if something goes wrong.

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

Maybe you made a purchase a few months ago—or even last year—and intended to handle the insurance later. It happens more often than you think. Luckily, you can still make adjustments. An agent can review your recent purchases, recommend whether they should be scheduled, and update your policy so your current coverage reflects your current belongings.

Final Thoughts

February often brings meaningful purchases—whether it’s a romantic piece of jewelry, a new vehicle, or a unique collectible. Taking a few moments to ensure they’re properly insured can protect both your emotional investment and your financial one.

If you're planning a purchase this month—or still need to insure something you bought recently—I’m here to help you make sure everything is covered. A quick conversation can give you peace of mind, letting you enjoy your new items knowing you’ve taken the right steps to protect them.