Today, many people take a lot of valuable items with them to events – phones, smartwatches, headphones, cameras, or other personal devices, the loss or damage of which can become a costly incident.
Insurance experts emphasize that financial losses can be reduced by taking care of property protection in advance.
Gaps in insurance literacy
The first insurance literacy study of Generation Z (ages 13–21) conducted in the Baltic States and Poland showed that the insurance literacy index in Lithuania was only 44 points out of 100.
This indicates that young people have basic insurance knowledge, but when faced with an unexpected situation, they often do not know how to act.
According to Viktorija Bužokaitė, Head of the Claims Department at Balcia Insurance SE, when losing a phone at an event, damaging a valuable item, or encountering another unplanned incident, it is important not only to know that insurance exists but also to understand what protection it provides and how to use it.
“According to the study, young Lithuanians’ theoretical knowledge about insurance scores 56 out of 100, while practical skills are rated only 29 points. Our goal is to educate the younger generation so that when faced with unforeseen circumstances, they can make responsible decisions,” says Viktorija Bužokaitė, Head of the Claims Department at Balcia Insurance SE.
Risks begin even during the journey
When going to a festival or concert, it is worth taking care not only of tickets but also of the safety of the vehicles used to get to the event. During mass events, parking lots are often overcrowded, increasing the risk of various incidents – from accidental vehicle damage to thefts of bicycles or electric scooters. Insurance coverage can help compensate for losses incurred due to such incidents.
Insurance is also useful when you want to protect personal belongings left in the car. If electronics or other personal items left in a locked vehicle are damaged or lost due to illegal actions by third parties, losses would be compensated according to the insurance terms.
Additionally, it is worth considering accident insurance, which provides financial protection in case of injury, and liability insurance, which protects against unexpected expenses caused by damage to others. This allows you to worry less about unexpected events and spend more time on what you came to the festival or concert for – good emotions, new experiences, and memorable summer memories.
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Stolen phone – more than just a device
At events, festivals, and concerts, the items most often affected are those that people constantly carry with them, hold in their hands, pockets, or open bags, so small and valuable personal items often appear in damage statistics.
According to expert Viktorija Bužokaitė, Generation Z clients’ losses are mostly related to personal electronics – smartphones, wireless headphones, smartwatches, and other everyday devices.
“Data from the 2025–2026 summer event season shows that the largest share of losses consists of expensive electronics, phones, and other valuable, easily damaged, or frequently targeted devices for theft. The general trend is simple: the more expensive items people bring to events, the more costly even a single unexpected incident can be,” emphasizes V. Bužokaitė.
A phone stolen or damaged during an event is not only a financial inconvenience.
Along with it, access to banking apps, photos, navigation, and other personal content is lost. If the phone were stolen or damaged, insurance coverage would help avoid significant losses.
Insurance can apply not only to phones but also to tablets, computers, smartwatches and bracelets, photography and video equipment, audio equipment, headphones, and other items classified as movable property.
When choosing property insurance, it is also important to ensure that movable property protection applies not only at home or on the property but also outside, thus ensuring financial security during travel or events.
Homeowners’ property insurance can help reduce financial losses if personal belongings become targets of theft. However, it is important to know that insurance coverage does not apply in all cases of item loss. For example, if a phone, headphones, or other personal item is simply lost, the damage is not compensated, so when attending festivals or other crowded events, it is worth not only securing insurance but also carefully protecting your belongings.
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