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

February may be the shortest month of the year, but it’s often one of the priciest. Between Valentine’s Day surprises and attractive Presidents’ Day sales—especially on big-ticket items like cars—many people make meaningful purchases during this mid-winter stretch. These items often carry emotional and financial significance, which makes proper protection essential.

It’s easy to get wrapped up in the excitement of the purchase itself—finding the perfect ring, scoring a deal on a new car, or finally buying a piece of art you’ve admired for years. But before you gift it, display it, or take it for a spin, it’s important to confirm that your insurance will be there for you if anything unexpected happens.

This article walks through the key coverage considerations for Valentine’s Day and Presidents’ Day purchases—from jewelry and collectibles to vehicles—along with smart recordkeeping tips that can save you time and stress down the road.

Why Insurance Should Come Before Gifting or Using a New Item

With high-value purchases, waiting to sort out insurance can leave you exposed. Items can be stolen, damaged, or misplaced right after purchase—sometimes even before they reach their new home. For gifts, it’s wise to have coverage in place before handing them off.

February highlights this urgency. Whether you’re planning a proposal, gifting a designer watch, taking advantage of a Presidents’ Day vehicle discount, or bringing home a new piece of art, each purchase comes with its own coverage needs. The key is making sure your insurance matches the value and risks of the item so you aren’t hit with unwelcome surprises during a claim.

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

Many people assume their homeowners insurance will fully cover their valuables. In reality, most policies include limits—especially for jewelry, artwork, and collectibles. It’s common for these categories to have sublimits of just a few thousand dollars, which may not match the true value of your item.

That’s where supplemental coverage becomes important. High-value pieces often need added protection beyond your standard homeowners policy, such as a scheduled personal property endorsement. This type of coverage ensures you’re compensated for the item’s appraised value and can protect against losses not typically covered under basic policies, including accidental damage or unexplained disappearance.

Most insurers require a recent appraisal for scheduled items, and it’s wise to update valuations every few years. Fine art may even call for a specialty policy that covers transit, restoration, and global protection—ideal if you move frequently or loan pieces to galleries.

A few reminders for Valentine’s Day and other valuable gifts:

• If you give or inherit jewelry, the insurance does not automatically transfer. The new owner must add it to their own policy.
• For more expensive possessions, explore “valuable items” or “personal articles” coverage from carriers such as Travelers, State Farm, or Liberty Mutual.
• Keep receipts, appraisals, photos, and identifying details. These documents are crucial for establishing value and proving ownership.

A sentimental or unique gift may be priceless emotionally, but you can still safeguard its financial value with the right coverage.

Buying a New Car? Understand Grace Periods and Next Steps

Presidents’ Day is known for significant car deals, and many insurers help out by offering an automatic “grace period” for new vehicles. This temporary extension, often lasting between seven and 30 days, typically gives your new car the same coverage as the broadest policy you already carry.

However, there are some important details to keep in mind:

• The grace period only applies if you already have an active auto policy covering at least one vehicle.
• If you insure multiple cars, your new one usually gets the highest level of protection for the duration of the grace window.
• If your current vehicle only has liability coverage, your new car will inherit that same limited protection until you update the policy.

Before the grace period runs out, make sure your new vehicle is properly added to your policy. If you’re leasing or financing, your lender may require collision and comprehensive coverage—and often gap insurance—to protect against depreciation.

And don’t forget to remove the trade-in or old vehicle from your policy so you’re not paying for coverage you no longer need.

Whenever you purchase a new vehicle—holiday weekend or otherwise—be sure to:

• Contact your insurer before leaving the dealership, or as soon as possible afterward, to update your coverage.
• Adjust limits and deductibles to match the new car’s value.
• Verify driver details, garaging location, and usage patterns.
• Keep essential documents—like your bill of sale and insurance ID card—accessible for verification and claims.

A brief check-in with your agent can ensure your new vehicle is properly insured right from the start.

Recordkeeping Tips for All High-Value Purchases

Whether you’re investing in jewelry, art, collectibles, or a car, maintaining good documentation is one of the simplest yet most effective ways to protect yourself.

Keep track of receipts, appraisals, and serial numbers. These details are crucial for securing coverage and streamlining the claims process. To stay even more organized:

• Store digital copies of important documents in secure cloud storage.
• Take clear photos of new items, including distinguishing features.
• Review your home and auto policies annually, or after significant purchases, to make sure your coverage matches what you own.
• Ask your agent about potential bundling or multi-policy discounts.

These habits create a reliable digital trail that helps your insurer respond quickly and fairly if you ever need to file a claim.

What If You’re Behind on Insurance Updates?

If you bought something months ago—or even longer—and never updated your insurance, you’re not the only one. Life gets busy, and it’s easy for these details to slip through the cracks.

The good news: it’s still fixable. Your agent can review your recent purchases, guide you on which items should be scheduled, and adjust your policies to ensure your coverage reflects your current needs going forward.

Final Thoughts: Enjoy February’s Finds—But Protect Them

February brings memorable moments, from sparkling Valentine’s gifts to exciting new cars or special collectibles. By taking a little time to consider insurance before using or gifting your new purchase, you safeguard both the emotional and financial investment behind it.

If you’re planning to add something special to your life this month—or if you have a few recent purchases that need attention—I’m happy to help make sure everything is properly covered. A quick conversation can offer real peace of mind, letting you enjoy your new items with confidence.