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

February may fly by, but it’s often a month filled with big spending. Romantic gifts, sparkling jewelry, and major Presidents’ Day sales—especially on cars—can make it one of the most expensive times of the year for many households. These purchases can hold sentimental value as well as financial weight, which is why making sure they’re properly protected is just as important as choosing the perfect item.

It’s natural to focus on the excitement of the purchase—finding the right ring, scoring a deal on a new vehicle, or bringing home artwork you've admired for months. But before you slip on that necklace, hang the painting, or pull your new car out of the dealership’s parking lot, there’s an essential step you shouldn’t overlook: making sure your insurance offers the protection you expect if the unexpected happens.

This article breaks down the key insurance considerations for Valentine’s Day and Presidents’ Day purchases, including high-value items like jewelry, fine art, collectibles, and brand-new vehicles. You’ll also find helpful tips for recordkeeping so you’re not scrambling for documentation later.

Why Insurance Matters Before You Use or Gift a New Purchase

For many valuable items, waiting until “later” to sort out insurance can create serious gaps in protection. Loss, theft, and damage can happen immediately—on the trip home, during travel, or even in those first moments after gifting. That’s why it’s smart to confirm coverage before you or your loved one takes possession.

This is particularly important in February. Engagement rings, luxury watches, newly purchased cars, and recently acquired artwork each come with their own unique insurance needs. Your goal should always be to align your coverage with the value and risk of the item so you’re not caught off guard if something goes wrong.

Jewelry, Art, and Collectibles: What Standard Policies Don’t Cover

A common misconception is that a homeowners policy automatically covers all valuables at their full value. In reality, most standard policies have strict limits—especially for categories like jewelry or fine art. Claims for these items are often capped at a few thousand dollars, which may fall far short of what your purchase is worth.

That’s where supplemental coverage becomes essential. High-value items such as jewelry, artwork, and collectibles often require additional protection beyond your basic homeowners policy. A scheduled personal property endorsement (also known as a rider) allows you to insure valuable pieces for their full appraised amount. These endorsements may also cover risks that standard policies exclude, such as accidental damage or mysterious disappearance.

If you’re considering scheduling an item, be aware that insurers typically require an up-to-date appraisal. These values should be reviewed every two to three years to ensure your coverage remains accurate. For fine art, you may even need a specialized policy that includes features like transit protection, worldwide coverage, and restoration costs—especially if you frequently move, loan, or display your pieces.

Additional reminders for high-value Valentine’s Day purchases:

• If jewelry is gifted or inherited, the insurance does not carry over. The new owner must add it to their own policy.
• For especially valuable items, consider separate “valuable items” or “personal articles” policies offered by many major carriers.
• Keep receipts, appraisals, serial numbers, and photos. These documents are crucial for establishing both ownership and value if you ever need to file a claim.

Sentimental gifts can be priceless, but the financial side is worth protecting. The right insurance coverage ensures your investment is secure no matter what happens.

Buying a Car? Understand Grace Periods and Key Next Steps

Presidents’ Day is a popular shopping weekend for vehicles, and many insurers offer automatic temporary coverage for newly purchased cars. Most carriers provide a grace period ranging from seven to 30 days—often 14 to 30—during which the new vehicle is automatically covered under your existing auto policy.

However, there are several important factors to keep in mind:

• You must already have an active auto policy for the grace period to apply. If you don’t have insurance, you’ll need to secure coverage before driving the car.
• If you insure multiple vehicles, the new one typically receives the broadest coverage available on your policy—but only for the duration of the grace period.
• The temporary coverage mirrors your current policy. For example, if your existing car only has liability coverage, your new vehicle will also be limited to liability until you update your policy.

Once you’ve purchased a car, make sure to formally add it to your auto policy before the grace period expires. If the vehicle is financed or leased, lenders typically require comprehensive and collision coverage and may also recommend gap insurance. This helps cover the difference between the loan balance and the car’s actual cash value if it’s totaled early in your ownership.

If you’re trading in or selling an older vehicle, don’t forget to remove it from your policy so you’re not paying for unnecessary coverage.

Whenever you buy a new vehicle, it’s helpful to:

• Notify your insurer before leaving the dealership or as soon as possible afterward.
• Adjust your coverage limits and deductibles based on the new car’s value and your risk tolerance.
• Update information about drivers, usage, garaging location, and commute distance.
• Save digital copies of your registration, bill of sale, and insurance ID card for easy access.

A quick call or email to your agent can ensure your new vehicle is fully protected from day one.

The Importance of Good Recordkeeping

No matter what you buy—whether it’s jewelry, artwork, a collectible, or a car—organized records can make a big difference if you ever need to file a claim. Proper documentation helps confirm ownership, establish value, and speed up the claims process.

Consider adopting these habits for better protection:

• Store digital copies of receipts, appraisals, serial numbers, and VINs in secure cloud storage.
• Photograph new purchases from multiple angles, capturing any unique features.
• Review your homeowners and auto policies at least once a year or after making a major purchase.
• Ask your agent about potential discounts for bundling or adding new coverage.

These simple steps help create a clean record that makes it easier for insurers to assist you quickly and fairly.

If You’re Behind, Don’t Stress

Maybe you made a purchase recently—last month or even last year—and never got around to updating your insurance. You’re far from alone. Life gets busy, and it’s easy to put off these tasks.

The good news is that it’s not too late. Your agent can review your current coverage, help you determine whether certain items should be scheduled, and update your policies so you’re properly protected moving forward.

Final Thoughts: Safeguard What Matters Most

February often brings meaningful purchases, from romantic gifts to major investments like vehicles or artwork. Taking a bit of time to confirm the right insurance coverage can protect both your emotions and your wallet.

If you're planning a special gift, adding something new to your home, or simply catching up on overdue insurance updates, I’m here to help you make sure everything is covered properly. A short conversation can give you peace of mind so you can enjoy your new purchase with confidence.