So a lot of people don't know this but most insurance companies have policies were you can insure equipment. I have State Farm and it's called a Personal Articles Policy. Basically if my phone is stole, dropped in water, broken cause I messed it up rooting or anything else Verizon wont fix it for, insurance will replace it, the only thing these policies don't cover is normal wear and tear. The reason it is far better than Verizon insurance is there is no deductible. you pay once a year and the fees are better than the cell companies offer. I have gotten a camera fixed on this policy already, repairs cost over $300, i paid nothing. Best thing to do is call your insurance company and ask, you might save yourself a lot of money.
Edit: As most insurance works they send you a check, you get the replacement.