The iPhone 4S has received plenty of press coverage over the past few weeks, with some pundits lauding its new Siri voice-recognition application and others trying to figure out why some units have such low battery life. Up until now, though, no one has written at length about the insurance plans that come with Apple’s latest smartphone. In a recent article, Digital Trends’ Kelly Montgomery has all you need to know about insuring your phone so that you’re covered if it gets lost or broken.

“The problem with the latest and greatest smartphones is that along with their bright screens and spectacular features comes a hefty retail price tag… This is all well and good, but what happens if you break the glass on your phone or drop it in water while you don’t have a carrier upgrade available?” she writes. “You can either take the risk of having to fork over that rather large chunk of change should you break your phone (for accidental damage) or you can pay a much smaller price for an insurance plan that will cover hardware malfunctions as well as idiotic accidents.”

While the iPhone 4S currently retails for $649, Apple’s warranty program, Apple Care+, only costs $99 for two years and completely covers two accidents. Meanwhile, wireless carriers AT&T and Verizon both offer protection plans for the iPhone, which cost around $10 per month.