February might be short, but it can be a costly month with occasions like Valentine's Day and Presidents’ Day encouraging some of the year's most meaningful shopping. From romantic gifts and exquisite jewelry to advantageous car sales, these purchases blend sentimental and financial value, making it crucial to ensure they are adequately protected.

Secure Your Purchase Before Using It

High-value items can be lost or damaged unexpectedly, whether in transit, during travel, or as they’re being gifted. February's purchases like engagement rings, collectible watches, and new cars come with unique insurance needs. It's best to secure insurance coverage before giving these gifts or using them yourself to avoid unpleasant surprises.

Beyond Standard Policies: Jewelry and Collectibles

Don't assume standard homeowners policies will cover all your valuables fully. Items like jewelry and fine art often have sublimits. Many policies cap claims at values below the actual worth. The solution? Secure extra coverage to guarantee the full value of your valuables. A personal property rider can ensure full reimbursement and cover exclusions like accidental damage.

Keep Your Valuables Covered

Appraisals are essential, especially for jewelry, which requires regular valuation updates. Fine art might need a bespoke policy covering transit and restoration. Remember, gift or inheritance coverage doesn’t transfer automatically. Separately consider valuable items insurance for higher-value pieces offered by leading insurers.

Checklist for New Vehicle Purchases

Presidents’ Day often marks new vehicle purchases. During the insurer-provided grace period following a car purchase, your new car inherits the broadest coverage of any vehicle on your policy. But quick action is needed to ensure full protection beyond this window. Before the grace period expires, be sure to add the new vehicle to your policy, adjusting for new terms if necessary.

Smart Recordkeeping

Organized records of purchase details—receipts, appraisals, photos—can streamline the claims process. Make digital copies and keep information safe in the cloud. Regular policy review ensures your coverage aligns with current possessions. Bundling discounts might accrue when adding new valuables.

It's Never Too Late

If you find yourself having delayed insurance arrangements, assistance remains available. An immediate review can align your policies with your current needs, ensuring your insurance reflects your lifestyle and assets.

February, with its personal and financial investments, can be a month of memorable purchases. By taking time for insurance considerations before unveiling a gift or driving away in a new vehicle, you secure both the emotional and financial investments made. Need help protecting your recent acquisitions? A conversation with an insurance expert can protect what matters.