Protecting Your February Purchases the Smart Way

February may be one of the shortest months of the year, but it often comes with big spending. From Valentine’s Day gifts like jewelry or watches to Presidents’ Day vehicle promotions and winter art acquisitions, many people make meaningful purchases during this time. While these items often carry emotional value, they also represent a financial investment—one that deserves proper protection.

It is easy to get wrapped up in the excitement of finding the perfect gift, scoring a great deal, or finally bringing home something you have been eyeing for months. But before you start wearing it, displaying it, or driving it, there is one important step you cannot skip: making sure your insurance provides the protection you expect if something unexpected happens.

This blog highlights the essential insurance considerations for February’s most common purchases—jewelry, collectibles, fine art, and newly purchased vehicles—along with helpful reminders for keeping good records along the way.

Why Insurance Matters Before You Use or Gift an Item

Valuable items can be lost or damaged far sooner than many people realize. A ring could slip off during an outing, a piece of art could be damaged during transport, or a newly purchased item could be stolen shortly after you bring it home. For higher-value items, securing insurance coverage before gifting or using them is often the best practice.

February purchases make this especially relevant. Engagement rings, luxury watches, limited-edition collectibles, and new vehicles all come with unique risks. Your goal should be to align the item’s insurance coverage with its value and usage so you are not caught off guard by coverage gaps later.

Jewelry, Collectibles, and Fine Art: More Than Basic Homeowners Coverage

Many people assume their homeowners insurance will fully cover all valuable belongings. However, most policies include sublimits for several categories—including jewelry and fine art. Limits for these items often range between $1,000 and $5,000, which may fall far short of what your piece is actually worth.

To cover these items properly, you may need additional protection beyond the standard policy. Scheduling valuable personal property is a common solution, allowing your insurance to reimburse the item’s full appraised value. Even better, scheduled coverage often includes protections not offered under the basic policy, such as accidental loss or damage.

Most insurers require a recent appraisal before scheduling an item, and it is wise to update that appraisal every few years to keep your coverage accurate. Some types of art may also require specialized policies that include travel, restoration, or worldwide coverage—helpful if the piece is moved, transported, or loaned to a gallery.

Here are a few reminders for safeguarding high-value gifts this February:

• Jewelry coverage does not transfer automatically when a piece is gifted or inherited. The new owner must add the item to their own policy.
• For more expensive pieces, consider separate coverage for “valuable items” or “personal articles,” which many major carriers offer.
• Store receipts, photos, serial numbers, and appraisals in a secure location—these records help establish value and ownership if you ever need to file a claim.

While the sentimental value of jewelry or artwork cannot be replaced, the right insurance ensures the financial value is fully protected.

Buying a New Vehicle: Understanding Grace Periods

Presidents’ Day is a prime time for vehicle shopping, and new car buyers often benefit from a grace period during which their existing policy extends temporary coverage to their new purchase. This window typically lasts between seven and 30 days, with many insurers offering 14 to 30 days of automatic protection.

However, there are a few important details to keep in mind:

• Grace periods apply only if you already have an active auto insurance policy for another vehicle.
• If you insure multiple vehicles, your new car usually receives the broadest level of coverage among them—temporarily.
• The temporary protection mirrors your existing policy. If your other car only has liability coverage, your new vehicle will too until you update the policy.

Before the grace period ends, you must officially add the vehicle to your auto policy. Buyers who lease or finance should expect to carry comprehensive and collision coverage, and many lenders recommend gap coverage to protect against the difference between loan balance and actual cash value.

If you are trading in or selling an older vehicle, make sure it is removed from your policy so you are not charged for coverage you no longer need.

When you purchase a vehicle—whether during Presidents’ Day or any other time—make it a habit to:

• Reach out to your insurer before you leave the dealership or shortly thereafter to update your policy.
• Adjust limits and deductibles to match the new car’s value and your comfort level.
• Update details such as drivers, garaging address, and how you will use the vehicle.
• Keep documentation like the bill of sale, registration, and insurance ID card easily accessible.

Recordkeeping Tips for Smooth Coverage and Claims

No matter what type of purchase you make—fine art, jewelry, collectibles, or a new vehicle—strong recordkeeping can save you time and stress if you ever have to file a claim. The more organized your documentation, the easier it is to verify ownership and value.

To stay organized:

• Store receipts, appraisals, and serial numbers in a safe place.
• Save digital versions of these records in secure online storage.
• Photograph new items from multiple angles to simplify identification later.
• Review your policies annually or after any major purchase to ensure your coverage is up to date.
• Ask your agent whether adding new valuables or a vehicle qualifies you for bundling discounts.

If You’re Running Behind, Don’t Stress

If you purchased something recently—or even months ago—and never got around to updating your insurance, you are not alone. Life gets busy, and it is common for people to delay this step in the excitement of enjoying a new item.

The good news is that you can still get everything in order. An agent can guide you through appraisals, scheduling items, or adjusting your policy so your coverage aligns with what you own today.

Enjoy February With Peace of Mind

Valentine’s Day and Presidents’ Day bring memorable moments and meaningful purchases. Taking the time to protect those investments ensures that both their emotional and financial value are secure. Whether you are adding a new piece of jewelry, acquiring artwork, or upgrading your vehicle this February, reviewing your insurance coverage is a simple step that offers lasting peace of mind.

If you have purchases you want to safeguard or questions about the right type of coverage, we’re here to help you make sure everything is properly protected.