How to Safeguard Your Valentine’s Day and Presidents’ Day Purchases

February might be brief, but it’s often packed with big spending. Between heartfelt Valentine’s Day gifts, meaningful jewelry, romantic surprises, and the major deals that hit during Presidents’ Day sales—especially on cars—many families make some of their most important purchases of the year during this month. These items often hold both emotional significance and financial weight, which makes proper protection a must. It’s easy to get wrapped up in the exciting parts of buying something new. Maybe you’ve found the perfect necklace, scored a great discount on a vehicle, or finally picked up a piece of art you’ve admired for ages. But before you hand over that gift, hang the artwork, or drive the car home, there’s one essential step you can’t skip: confirming that your insurance fully covers the item if something unexpected happens. This guide walks you through the essential coverage considerations for February purchases—from jewelry and artwork to vehicles—along with recordkeeping habits that can prevent future headaches. Why Securing Coverage Early Matters When it comes to high-value purchases, waiting to sort out insurance is rarely a good idea. Items can be damaged, lost, or stolen within minutes of purchase—during transit, while traveling, or even while being gifted. That’s why having coverage in place before the item is used or given away is often the safest approach. In February, this becomes especially important. Proposal-ready jewelry, luxury watches, Presidents’ Day car deals, and newly acquired art each come with unique insurance needs. The goal is to ensure your coverage aligns with each item’s value and risk, so you aren’t caught off guard by policy limitations during a claim. Jewelry, Art, and Collectibles: Why Homeowners Insurance Isn’t Always Enough Many people assume their homeowners policy automatically covers their valuables at full value. In reality, most standard policies place limits—often between $1,000 and $5,000—on certain categories, especially jewelry and fine art. These limits are typically much lower than the true value of many high-end items. That’s where supplemental coverage becomes essential. Valuables like jewelry, artwork, and collectibles often need additional protection beyond a basic homeowners policy. Scheduling items through a personal property rider (also known as an endorsement) allows you to insure them for their full appraisal value. These riders may also cover types of loss that a standard policy excludes, such as accidental damage or mysterious disappearance. Most insurers require a recent appraisal to schedule an item, and those appraisals should be reviewed or updated every few years to keep your coverage accurate. Some high-value artwork may even need a dedicated fine art policy that includes worldwide coverage, transit protection, and restoration—especially important if the piece is loaned, moved, or transported. A few helpful tips for jewelry and other meaningful gifts: • Coverage doesn’t automatically transfer when jewelry is gifted or inherited. The new owner must add it to their policy. • For pricier items, consider standalone “valuable items” or “personal articles” insurance offered by companies like State Farm, Travelers, and Liberty Mutual. • Keep receipts, photos, appraisals, and serial numbers organized. These documents help establish coverage and are crucial during claims. While sentimental worth can’t be replaced, the financial value absolutely can—and should—be safeguarded with the right insurance. Buying a New Car? Understand Grace Periods and Next Steps Presidents’ Day is known for its car sales, and many drivers take advantage of the timing. Fortunately, most insurers offer a temporary coverage extension when you purchase a new vehicle. This grace period typically lasts seven to 30 days, with many companies falling between 14 and 30 days. During this window, the new car usually inherits the same protection as an existing vehicle on your policy. However, there are a few key details to keep in mind: • The grace period only exists if you already have active auto insurance on another vehicle. Without an existing policy, you need to secure coverage before driving your new car. • If you insure multiple vehicles, the new one usually adopts the broadest coverage you already carry—though only for the duration of the grace period. • The temporary coverage mirrors your current policy. If your existing car only has liability, your new one will also only have liability until you update the policy. Before the grace period ends, add your new vehicle to your auto policy and make sure your coverage levels fit the vehicle’s value. If you’re leasing or financing, your lender will almost always require collision, comprehensive, and sometimes gap insurance to cover the difference between your loan balance and the car’s actual cash value. And don’t forget the vehicle you’re replacing—remove it from your policy to avoid paying for insurance you no longer need. When buying a new vehicle, make it a habit to: • Notify your insurance carrier before driving off the lot or shortly afterward. • Adjust deductibles and limits to match the new car’s value. • Update drivers, usage type, and garaging location. • Keep your bill of sale, registration, and insurance ID card easily accessible. A quick call or email to your agent can help ensure your new car is protected from day one. Recordkeeping: A Small Habit With Big Benefits Whether you’re purchasing jewelry, artwork, collectibles, or a car, solid recordkeeping can make a significant difference. Keeping receipts, appraisals, and serial numbers in one place helps both with setting up coverage and resolving potential claims. Try adding these habits: • Store digital copies of important documents in secure cloud storage. • Photograph new items from several angles, including any identifying details. • Review your insurance policies annually or after major purchases. • Ask your agent whether newly added items could qualify you for bundling or multi-policy discounts. These small steps create a clear documentation trail that speeds up claims and protects you from disputes. If You’re Late, You’re Not Alone Maybe you bought something a while back and never got around to updating your insurance. It happens. Life gets busy, and it’s easy to put it off. The good news: it’s not too late to fix it. Your agent can help you evaluate the item, determine whether it needs to be scheduled, and update your coverage moving forward. Enjoy the Month—Just Make Sure Your Purchases Are Protected Valentine’s Day and Presidents’ Day often bring purchases that are both meaningful and valuable—sparkling jewelry, new vehicles, unique artwork, or treasured collectibles. Spending a few minutes reviewing insurance before using or gifting those items can protect both their emotional and financial value. If you’re planning a purchase this February—or if you’ve been meaning to insure something you already bought—we’re here to help you make sure everything is properly covered. A brief conversation can give you peace of mind, so you can enjoy your new items knowing you’ve taken the right steps to protect them.