If I buy an iPhone what happens if I drop it, get water on it, etc. and it ends up broken. I don't think I can get another iPhone to replace it without paying the high new cost (probably in the area of $500 for a 16GB GS). I'm probably stuck with the data plan of $30 per month for 2 years even though I don't have a phone to use it with. What options do I have? Do extended warranties cover everything (lost, stolen, dropped in the pool)? Thanks in advance.