Protecting Your February Purchases

February may be the shortest month, but it's often filled with significant spending events like Valentine’s Day and Presidents’ Day. This period marks a time when many indulge in meaningful purchases such as jewelry, romantic surprises, and new cars. These items often carry both sentimental and financial importance, making it crucial to ensure they're adequately protected.

Before You Gift or Use: Coverage Matters

 

High-value items can be lost, damaged, or stolen shortly after purchase. Jewelry, art, vehicles—each requires specific coverage to prevent surprises if unfortunate events occur. Ensuring insurance aligns with the item's value and potential risks is key to avoiding gaps in coverage.

Beyond Standard Homeowners Coverage

 

Homeowners policies often have limited coverage for valuables like jewelry and fine art. A standard policy might cap claims at values significantly less than the item's worth. To fully protect these investments, consider separate coverage options such as a scheduled personal property endorsement. This ensures full appraisal value reimbursement and covers incidents beyond typical policies.

Key Steps for Valuables

• When gifting or inheriting jewelry, ensure the new owner updates their policy.
• Consider “valuable items” insurance, often available through major carriers.
• Keep detailed records like receipts, photos, and appraisals.

Protective Measures for New Vehicles

 

Shopping for a new car during Presidents’ Day sales is popular, and it's essential to know that many insurers provide a grace period for new purchases. Typically, new cars inherit existing coverage for a limited time. During this period, ensure your coverage aligns with the new vehicle’s requirements, particularly if financed, which may necessitate comprehensive and collision coverage or gap insurance.

Recordkeeping and Responsibilities

 

Keep comprehensive records for any high-value item, including receipts and appraisals, and consider digital backups to streamline claims if necessary. Regularly review and update your insurance policies to ensure they reflect current holdings, securing bundling discounts and exploring savings opportunities.

If You're Late on Insurance

 

If you’ve postponed updating your insurance, don’t panic. It’s never too late to get coverage. Consult with an agent to tailor your policies to your current lifestyle and assets.

Enjoy your new purchases this February with the assurance that you've taken all necessary steps to protect them. Reach out to discuss your options and ensure peace of mind with proper insurance coverage.