February may be the shortest month on the calendar, but it has a way of becoming one of the priciest. Between Valentine’s Day sparkle, thoughtful gifts, and major Presidents’ Day car deals, many people make meaningful purchases during this stretch of winter. These items often blend emotional significance with financial value—making it essential to ensure they’re properly insured from the start.
It’s easy to get wrapped up in the excitement of selecting a beautiful piece of jewelry, finding a great price on a new vehicle, or finally bringing home a piece of art you’ve admired for months. But before you enjoy your new treasure, there’s an important step you shouldn’t skip: confirming that your insurance is ready to protect it if something unexpected happens.
This guide walks through the most important coverage considerations for popular February purchases—jewelry, art, collectibles, and new vehicles—plus practical recordkeeping habits that can save you time and stress down the road.
Why Insurance Should Be a Priority Before You Use or Gift an Item
With high-value purchases, waiting to sort out insurance coverage can leave you exposed. Items can be stolen, damaged, or lost at nearly any point—while you’re bringing them home, traveling with them, or even during the moment they’re gifted. That's why it’s smart to make sure coverage is in place before anyone wears, drives, or displays your new item.
February’s big milestones only make this more important. Engagement rings and jewelry for special occasions, collectible watches, Presidents’ Day auto deals, or newly acquired artwork all bring their own coverage needs. Your goal is simple: match the right protection to the item’s value and risk so you don’t face surprises if something goes wrong.
Jewelry, Fine Art, and Collectibles: What Homeowners Insurance Doesn’t Always Cover
A common misconception is that a standard homeowners policy fully protects all valuables. In reality, most policies cap reimbursement for categories like jewelry and fine art. It’s not unusual for these limits to fall between $1,000 and $5,000—far below the value of many special purchases.
That’s where additional coverage becomes essential. Jewelry, artwork, and collectible pieces often require their own insurance to bridge the gap. A scheduled personal property endorsement—or rider—lets you insure specific items for their appraised value. These endorsements also expand what’s covered, often including protection for accidental damage or mysterious disappearance, which aren’t usually included in basic policies.
To schedule an item, insurers typically require a recent appraisal. Updating those appraisals every few years ensures your coverage keeps pace with changing market values. For fine art, you may even need a specialty policy that includes protections for transportation, restoration, and worldwide coverage—useful if you relocate, loan items to galleries, or travel with them.
Here are a few reminders if you're gifting or receiving high-value items this season:
- If jewelry is gifted or inherited, its coverage does not move automatically. The new owner must add it to their own policy.
- For more expensive items, ask your insurer about separate “valuable items” or “personal articles” policies offered by carriers such as Travelers, State Farm, and Liberty Mutual.
- Keep photos, receipts, appraisals, and serial numbers organized. These documents are important both when setting up coverage and if you ever need to file a claim.
Even if a gift holds deep emotional value, you can protect its financial worth with the right insurance strategy.
Buying a New Vehicle? Understand Your Temporary Coverage
Presidents’ Day is one of the most popular car-buying weekends of the year. Fortunately, many insurers offer automatic temporary coverage for new vehicles—typically lasting between seven and 30 days, with many falling between 14 and 30 days. During this period, the new vehicle usually receives the same coverage you already have on another car in your policy.
A few key points to remember:
- You must already have an active auto policy for the grace period to apply. If you don’t currently have insurance, you’ll need to secure a policy before driving the new car.
- If you insure multiple vehicles, the new one often temporarily receives the broadest coverage among them.
- The temporary coverage only mirrors what’s on your existing policy. If your current car only has liability, the new one will as well until you update it.
Before the grace period runs out, be sure to officially add your new vehicle to your policy and confirm that your coverage matches its value. If you're financing or leasing, your lender will likely require comprehensive and collision coverage and may also require gap insurance—which helps cover the difference between the loan balance and the car’s actual cash value.
And if you’re trading in or selling your old vehicle, don’t forget to remove it from your policy so you’re not continuing to pay unnecessary premiums.
Each time you bring home a new vehicle, make it a habit to:
- Notify your insurer right away or as soon as possible within the grace period.
- Adjust coverage limits and deductibles based on your comfort level and the car’s value.
- Update driver details, garaging address, and how the car will be used (personal, business, daily commute, etc.).
- Keep your bill of sale, insurance ID card, and registration in a safe place.
A quick call or email to your agent can help ensure your new car is fully protected from day one.
Smart Recordkeeping Makes Everything Easier
Whether you're insuring a piece of jewelry, a work of art, a collectible, or a vehicle, your ability to find and provide documentation makes a big difference. Organized records simplify setting up coverage and streamline the claims process if you ever need it.
Here are some helpful habits:
- Store digital copies of receipts, appraisals, photos, and VINs in secure cloud storage.
- Photograph new items—including unique details or markings—to help verify ownership and condition.
- Check your home and auto policies annually or after major purchases to ensure your limits still align with what you own.
- Ask your agent about possible bundling or multi-policy discounts when adding new valuables or vehicles.
Even simple organizational steps can create a solid paper (and digital) trail that helps your insurer support you quickly and fairly.
If You’re Behind on Insurance Updates, Don’t Stress
If you bought something months ago and still haven’t handled the insurance, you’re far from alone. Life gets busy, and it’s easy to put these tasks off. The good news: you can still get everything updated.
Your agent can review your recent purchases, recommend whether they should be scheduled, and update your policies so your coverage aligns with what you own going forward.
Final Thoughts: Protect What Matters Most This February
Valentine’s Day and Presidents’ Day often bring exciting, sentimental, and valuable purchases—sparkling jewelry, new cars, beautiful art, and unique collectibles. Taking a little time to think through your insurance now protects both your financial investment and your peace of mind.
If you’re planning a new purchase this February or want to make sure recent acquisitions are properly covered, I’m here to help you navigate your options. With the right protections in place, you can enjoy your new treasures knowing you’ve taken the steps to safeguard them.