Protecting Your February Purchases the Smart Way

February might be the shortest month of the year, but it has a way of inspiring some of the biggest spending. Between heartfelt Valentine’s Day gifts and the steep discounts that come with Presidents’ Day car sales, many people bring home items that hold both emotional meaning and financial significance. Because these purchases often represent important moments and major investments, taking steps to protect them is essential.

It’s easy to get wrapped up in the excitement of buying a sparkling ring, surprising someone with a meaningful gift, landing the car you’ve been eyeing, or finally acquiring that unique piece of art. But before you start wearing it, displaying it, or driving it, there’s a key question worth asking: is your insurance ready to protect you if something unexpected happens?

This guide breaks down the coverage considerations that matter most during February’s big shopping moments—whether you’re purchasing jewelry, fine art, or a brand-new vehicle—and highlights the recordkeeping steps that can save you stress in the future.

Why Insurance Matters Before You Start Using Your New Purchase

When you buy valuable items, it’s important not to postpone your insurance updates. High-value goods can be lost, stolen, or damaged within moments—sometimes even before you get them home. From a misplaced watch to a damaged painting or an accident involving a new car, issues can arise quickly.

February is a particularly common time for these types of purchases, and each item you bring home may come with different insurance needs. Whether it’s a Valentine’s Day engagement ring, a rare collectible, a Presidents’ Day vehicle purchase, or a newly acquired work of art, your goal should be to make sure your coverage aligns with the item’s true value. That way, you won’t encounter unpleasant surprises if you ever need to file a claim.

Jewelry, Art, and Collectibles: When Standard Homeowners Coverage Isn’t Enough

Many people assume their homeowners insurance covers the full value of their valuables. In reality, most standard policies cap payouts for certain categories—especially jewelry and fine art. These caps often fall between $1,000 and $5,000, which may not come close to the actual value of your item.

For items like engagement rings, fine art, collectibles, or luxury gifts, adding extra protection is often necessary. Scheduled personal property coverage (sometimes called an endorsement or rider) ensures that specific items are insured for their appraised value. These riders may also offer broader protections than a standard policy, including coverage for accidental breakage or mysterious disappearance.

To schedule an item, insurers generally require a recent appraisal, and it’s wise to refresh those appraisals every two to three years to keep your coverage current. Some fine art pieces may even require a specialized policy that includes protection for transportation, restoration, or damage sustained while traveling or on loan to a gallery.

Here are a few important reminders for high-value gifts:

• If you give or receive jewelry, the insurance doesn’t transfer automatically—the new owner must add it to their policy.
• For expensive items, consider standalone “valuable items” or “personal articles” policies often offered by major carriers.
• Hold onto receipts, appraisals, photographs, and serial numbers. These documents help establish ownership and speed up the claims process if something happens.

While these items may hold deep sentimental value, making sure their financial worth is fully protected helps you preserve that joy long-term.

Navigating Auto Coverage for Presidents’ Day Purchases

Presidents’ Day is a popular time for buying vehicles, and fortunately, many insurers offer an automatic grace period for new cars. This means your new vehicle is likely covered temporarily under your existing auto policy—typically between 7 and 30 days, with many carriers landing somewhere in the 14–30 day range.

During this window, the new vehicle usually inherits the same coverage and limits as the car already insured under your policy. However, there are several important points to keep in mind:

• The grace period typically only applies if you already have an active auto policy in place. Without one, you’ll need coverage before driving off the lot.
• If you insure more than one car, your new vehicle usually receives the broadest coverage of the ones on your policy—but only during the grace period.
• Your existing coverage carries over temporarily. If your current car only has liability insurance, the new one will also only have liability until you make updates.

Before your grace period ends, be sure to formally add your new car to your policy. If you’re leasing or financing the vehicle, your lender may require both collision and comprehensive coverage, and possibly gap insurance to cover the loan balance if the vehicle is totaled.

Also remember to remove any traded-in or sold vehicles from your policy to avoid paying for coverage you no longer need.

Whenever you purchase a new car—Presidents’ Day or otherwise—make it a habit to:

• Contact your insurer before driving the car home or shortly afterward.
• Adjust limits, deductibles, and coverage to match the value of the new vehicle.
• Update driver information, garaging location, and vehicle use.
• Keep your sales documents, registration, and insurance ID accessible.

Recordkeeping: A Simple Step That Makes a Big Difference

Good documentation is one of the most effective ways to safeguard your valuables. Maintaining thorough records helps you establish policy details and simplifies claims if you ever need to file one.

Helpful habits include:

• Saving digital copies of receipts, appraisals, photos, and VINs.
• Photographing new valuables from multiple angles to capture distinguishing details.
• Reviewing your policies annually—or after significant purchases—to confirm your coverage is still aligned with what you own.
• Asking your agent about potential discounts, especially when adding multiple valuable items or new vehicles.

These small, proactive habits create a clear record that helps your insurer respond quickly and accurately when needed.

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

If you bought something last month—or even last year—and haven’t added it to your insurance, you’re not alone. Life gets busy, and it’s easy to put off administrative tasks like this.

The good news is that you can still protect your items going forward. An insurance professional can help you understand what needs to be scheduled, what requires appraisal updates, and how to adjust your policy so it reflects your current belongings.

Enjoy the Season—And Protect What Matters Most

February brings meaningful purchases, whether they’re symbols of love, exciting upgrades, or investments in your personal collections. Taking a moment to think about insurance before you give, use, or store these items can help you safeguard both their emotional and financial value.

If you’re planning a special purchase this month—or if you’ve been meaning to update your coverage on something you already bought—now is a great time to take action. A quick conversation with your insurance provider can give you peace of mind, so you can enjoy your new jewelry, artwork, or vehicle knowing it’s fully protected.