It's a good thing to have insurance coverage on your iPhone in case something goes wrong with your device or if your iPhone becomes lost or stolen. Most of the time, the insurance does not cover such things as cracks in the phone or if submerged in water. The GadgetGuard iPhone app gives you a little bit more where insurance coverage is concerned. The GadgetGuard's app is a free download and once you tap on the app, you automatically activate the 2 year service plan that is worth up to $500 of repairs and/or phone replacement.
Two packages are available and they are the GadgetGuard Gold and the GadgetGuard Silver. The Gold package is for phones that are one month old or less and the Silver package is for older phones. GadgetGuard Gold costs $5 month with a $49 activation fee and the Silver costs $3 a month with a $29 activation fee. You can go ot the iTunes Store and download the app now.

via: GadgetGuard iPhone App Insures Smartphones*Against Cracked Screens and Water Damage