Couple of years ago I was in Key West and I hoisted my son up to look into the shark enclosure and saw my phone leave my waist and go into the water. I had the insurance which is kind of a waste but really handy when you lose your phone so after explaining to the folks on the phone they overnighted a new phone no questions asked.
I lost a phone once before that and had no insurance and wound up buying a phone compatible with VZ wireless on EBAY. It worked fine to bridge the gap until the "New every Two" came back up for me.