Use state farm for insurance. It is $15 a year to cover it for pretty much anything. (Lost, damaged, stolen, etc).
You have the right to use the campus police to help out.
To the moron that said (or that made it sound like that campus police are there to protect the students) is bull. If someone steals your backpack with all your books and belongings, who are you going to go to? The lost and found? The police can help, especially with a $400 item. (In some cases $600).
Remember, if you have passcode on the iphone, chances are the person that took it won't know, until it locked itself, then there is nothing to worry about. They also probably don't know if they keep getting, the iPhone gets disabled for longer and longer. Plus, the battery will eventually die, so the person that took it will have no use for it, unless they of course have a charger.
Let us know how it turns out today.