Losing the iPhone would be an important bad event in your life, but more than the amalgam of materials I was talking about earlier, the lost of the information stored on iPhone is important. Personal information in a stranger's hands doesn't sound too good, right? There are a lot of solutions for at least blocking the access to this information, like password management applications, or blocking codes for users. These applications are the first step in fighting the thieves who try to steal and access this information.
Neither AT&T and Apple sell insurance or a non-warranty replacement plan in case the iPhone is damaged. So if your iPhone is lost or stolen, it will cost you $500 to replace it, but no one will pay for the information lost with the iPhone. It is not typically covered by the home insurance, and the information is not covered by most of the policies on insurance market.
State Farm, in its huge insurance policies offer include also iPhone insurance. The logic is like this: the iPhone is insured only if it is tied to a personal effect, like the laptop is, or a musical instrument. Bicycles are unfortunately included in this category. The premium for a laptop and the iPhone is for example $35 a year. In this case, the storage capacity of the insured iPhone was 16 GB. It was interesting until now the situation, because everybody had and still has iPhone, but there was no insurance policy for it. The iPhone insurance segment insurance market is, in my opinion a good sector to get into, especially with all this fuss around the iPhone. It is a great startup for people who want to start a business, and it also brings benefits to iPhone users, which can safely insure their device.
It's important to have an iPhone insurance, but I hope you will never have to use it!