February may be the shortest month of the year, but it often packs a financial punch. Between Valentine’s Day gifts, sentimental surprises, and big savings during Presidents’ Day auto sales, many families make their most meaningful purchases right in the heart of winter. These items can hold both emotional significance and real monetary value — which is exactly why making sure they’re properly covered should be part of your plan.
It’s tempting to enjoy the fun side of these purchases — finding the perfect necklace, picking up a new car at a great price, or finally committing to a special piece of art you’ve admired for years. But before you wear the jewelry, wrap the gift, hang the artwork, or pull your new vehicle onto the road, there’s an important step to take: confirming your insurance coverage.
This rewritten guide highlights the key protections to consider for Valentine’s Day and Presidents’ Day purchases — from jewelry and fine art to brand-new vehicles — along with smart recordkeeping habits that can save you from major headaches down the road.
Why You Should Confirm Coverage Before Gifting or Using a Purchase
With higher-value items, waiting to “figure out the insurance later” can leave you exposed. Loss, damage, or theft can happen immediately — during your trip home, while traveling, or even as a gift is exchanged. For certain valuables, it’s best practice to have coverage secured in advance so there are no unpleasant surprises if something goes wrong.
February purchases often fall into categories that need special attention. Engagement jewelry, luxury watches, vehicles bought during Presidents’ Day promotions, or a newly acquired painting each has unique risks and insurance considerations. Your goal is to make sure the protection you put in place aligns with the value of the item, so you aren’t left with unexpected coverage gaps.
Jewelry, Artwork, and Collectibles: Coverage That Goes Beyond Your Homeowners Policy
Many people assume their homeowners insurance automatically covers the full value of their expensive belongings. In reality, most policies come with specific limits — especially for categories like jewelry and fine art. Claims under a standard policy are often limited to $1,000–$5,000 depending on the carrier, which may fall well short of the actual value of your piece.
That’s where additional protection becomes important. High-value jewelry, art, and collectibles typically need separate coverage to ensure they’re fully insured. Scheduling an item — also known as adding a personal property rider or endorsement — allows you to insure it for its full appraised value. These riders can also cover losses not typically included in standard homeowners policies, such as accidental damage or mysterious disappearance.
Most insurers require a recent appraisal before scheduling an item, and experts recommend updating that appraisal every two to three years to keep coverage accurate. Some fine art may even need a dedicated policy that covers worldwide transit, restoration, and damage — a must for anyone who moves frequently, loans artwork to galleries, or travels with their collection.
Here are a few key reminders when insuring Valentine’s Day gifts or other valuable items:
- Coverage doesn’t transfer automatically when jewelry is gifted or inherited — the new owner needs to add it to their own policy.
- For expensive or one-of-a-kind pieces, consider standalone valuable items or personal articles insurance offered by carriers like Travelers, State Farm, or Liberty Mutual.
- Hold onto receipts, appraisals, photos, and serial numbers, which help establish both ownership and value if a claim ever needs to be filed.
A sentimental gift may be priceless emotionally, but its financial value still deserves thorough protection.
Buying a New Vehicle: Grace Periods and Smart Coverage Updates
Presidents’ Day is known for major car-shopping activity, which makes understanding new-vehicle insurance rules especially important this time of year. Many car insurance companies automatically extend your existing coverage to a newly purchased vehicle for a limited grace period — usually between seven and 30 days, with many falling in the 14- to 30-day range. During this time, the new car typically mirrors the same coverages and limits as the car already listed on your policy.
Here’s what to keep in mind:
- The grace period only applies if you already have an active auto insurance policy that covers at least one vehicle.
- If you insure multiple vehicles, your new one usually takes on the broadest level of coverage among them — but only during the grace window.
- If your current policy only includes liability, the newly purchased vehicle will also be limited to liability until you formally add it to your policy.
Before the grace period expires, you’ll need to officially add your new vehicle to your policy and make sure the coverage suits its value. Buyers who lease or finance are often required to carry both comprehensive and collision coverage, and many lenders recommend gap insurance to cover the difference between the loan amount and the car’s actual cash value.
And don’t forget the other side of the transaction — if you’re selling or trading in your old vehicle, make sure it’s removed from your policy so you aren’t paying for coverage you no longer need.
Whenever you purchase a new vehicle — Presidents’ Day or otherwise — make it a habit to:
- Notify your insurer before driving off the lot or as soon as possible afterward.
- Adjust deductibles and limits to match the new car’s value and your comfort level.
- Update details like primary drivers, garaging address, and commuting distance.
- Keep key documents — bill of sale, registration, insurance ID card — easily accessible.
A quick call or email to your agent ensures your new vehicle is protected from day one.
Recordkeeping Tips That Make a Difference
Whether you’re dealing with jewelry, fine art, collectibles, or a new car, good recordkeeping is one of your most valuable tools. Organized documentation not only helps you get coverage in place, but also simplifies the claims process should you ever need to file one.
Here are a few habits that make a big impact:
- Store digital copies of receipts, appraisals, photos, and Vehicle Identification Numbers (VINs) in secure cloud storage.
- Photograph new items from multiple angles and capture any identifying features.
- Review your home and auto policies annually — or after a major purchase — to keep coverage aligned with what you own.
- Ask your agent whether adding valuables or vehicles might qualify you for bundling discounts.
These simple practices create a clear, traceable record that helps your insurer respond quickly and fairly if something goes wrong.
What If You Forgot to Insure a Past Purchase?
If you bought something months ago — or even last year — and meant to handle the insurance later, you’re not alone. Life gets busy, and it’s easy to forget. The good news is that it’s not too late.
Your agent can help you review past purchases, decide whether any items need to be scheduled, and make sure your policies reflect what you currently own. Updating coverage now still provides meaningful protection going forward.
Final Thoughts: Enjoy February While Protecting What You Love
Valentine’s Day and Presidents’ Day often bring memorable purchases — sparkling jewelry, new vehicles, meaningful artwork, or special collectibles. Taking just a little extra time to think about insurance ensures that the emotional and financial value of those items stays protected.
If you’re adding something new this February, or if you’ve been meaning to insure recent purchases, now is a great moment to make sure everything is properly covered. A short conversation with your agent can give you peace of mind, letting you enjoy your new gifts, artwork, or vehicle knowing you’ve taken the right steps to protect them.