Protecting Jewelry, Art, and New Vehicles Before You Use or Gift Them
February may be one of the shortest months of the year, but it’s often packed with meaningful (and expensive) purchases. Between Valentine’s Day gifts, engagement rings, fine jewelry, one-of-a-kind artwork, collectible watches, and major Presidents’ Day vehicle deals, many people make some of their most significant acquisitions during this time of year.
These items often carry both emotional and financial value — which makes it especially important to ensure they’re properly protected before they’re gifted, worn, displayed, or driven home.
It’s natural to focus on the exciting part: finding the perfect piece of jewelry, taking advantage of a limited-time auto promotion, or finally purchasing an artwork you’ve admired for years. But there’s one step that deserves just as much attention — making sure your insurance is structured to respond if something unexpected happens.
Why Insurance Matters Before You Use or Gift an Item
With high-value items, waiting until “later” to think about insurance can create real risk. Jewelry can be lost or stolen on the way home from the store. Artwork can be damaged during transport or installation. A newly purchased vehicle can be involved in an accident before it’s even been formally added to a policy.
February presents many scenarios where timing matters:
- Engagement rings and luxury watches
- Valentine’s Day jewelry and collectibles
- Newly acquired art or sculptures
- Presidents’ Day vehicle purchases
The goal isn’t just to have insurance - it’s to have the right coverage in place at the right moment, matched to the value, ownership structure, and real-world risk of each item.
Jewelry, Fine Art & Collectibles: Why Homeowners Coverage Often Falls Short
Many people assume their homeowner’s policy automatically protects all valuables at full value. In reality, standard home insurance typically applies strict sublimits to categories like jewelry, watches, and fine art - often capping coverage at $1,000–$5,000 per category.
For higher-value items, this creates a dangerous gap.
Scheduling Valuables Provides Meaningful Protection
High-end insurance carriers offer scheduled personal property coverage (sometimes called personal articles or valuable items policies), which allows items to be insured for their full appraised value. These policies often provide broader protection, including:
- Theft
- Accidental damage
- Mysterious disappearance
- Missing stones
- Worldwide coverage, including travel
Most carriers require a current appraisal to schedule an item, and values should be revisited every two to three years - especially given recent volatility in the luxury goods market.
A Few Important Reminders
- Coverage does not automatically follow a gift or inheritance - the new owner must insure the item on their own policy.
- Items owned by trusts or LLCs must be scheduled correctly to match legal ownership.
- Keep receipts, appraisals, photos, serial numbers, and certificates organized and accessible.
Sentimental value may be priceless - but financial value should always be intentionally protected.
New Vehicles & Presidents’ Day Purchases: Understanding Grace Periods
Presidents’ Day is one of the busiest auto-buying weekends of the year. The good news: many auto policies provide a temporary grace period for newly purchased vehicles - often between 14 and 30 days.
During this window, the new vehicle typically inherits the broadest coverage already in place on your policy. However, there are important caveats:
- The grace period only applies if you already have an active auto policy.
- Temporary coverage mirrors existing limits - liability-only policies stay liability-only.
- Financed or leased vehicles usually require collision and comprehensive coverage.
Before the grace period ends, the vehicle must be formally added to the policy and coverage adjusted to reflect its value, usage, and garaging location.
If you’re trading in or selling an older vehicle, don’t forget to remove it from your policy to avoid paying for unnecessary coverage.
Recordkeeping Habits That Make Claims Easier
No matter what you’re buying this February, strong documentation habits go a long way. Clear records help establish ownership, confirm value, and dramatically simplify the claims process.
Best practices include:
- Storing digital copies of receipts, appraisals, photos, and VINs in secure cloud storage
- Photographing valuables from multiple angles
- Reviewing insurance policies annually or after major purchases
- Asking whether new items qualify you for bundling or premium efficiencies
These simple steps create clarity and confidence when it matters most.
If You’re Behind, Don’t Stress
If you purchased something months ago or even years ago and never updated your insurance, you’re not alone. Life moves quickly, and insurance often gets pushed aside once you’re enjoying something new.
The good news? It’s rarely too late to get your coverage aligned. A thoughtful review can identify gaps, update appraisals, and ensure your policies reflect what you actually own today.
Enjoy the Month and Protect What Matters
February is full of meaningful moments and memorable purchases from engagement rings to artwork to new vehicles. Taking a proactive approach to insurance before you gift or use these items is one of the simplest ways to protect both emotional and financial investments.
If you’re planning something special this February or if you’ve been meaning to review coverage on recent purchases - reach out to your advisor. A short conversation can ensure your jewelry, collections, and vehicles are protected from day one.
And peace of mind? That’s the best gift of all.