T-Mobile's handset insurance rates will change on March 1st
Tier 1 phones have a $20 deductible and include featurephones and entry level smartphones like the Nokia Lumia 530. Tier 2 phones carry a $50 deductible and include the Nokia Lumia 635 and the Samsung Galaxy Grand Prime. Tier 3 phones have a $100 deductible and include models like the ZTE ZMax.
Tier 4 and Tier 5 phones will both face a 20% hike in their monthly premiums starting March 1st. Currently $10 a month, both will cost $12 monthly starting on that date. Tier 4 phones have a $150 deductible and include models like the 16GB Apple iPhone 5c and the Samsung Galaxy S III. Tier 5 is the top tier and the deductible on these phones is $175. In this group are current handsets like the Apple iPhone 6s, Apple iPhone 6s Plus, Samsung Galaxy S6 and the HTC One M9.
The insurance covers accidental damage (including liquid damage), loss, theft and malfunctions. If you opt for the insurance with Lookout Mobile Security, you can use the Lookout.com website to find a lost or stolen phone, sound a loud alarm, and view a picture that was taken when someone tried to access your handset. It also protects your phone from malware, backs up your contacts and photos, and alerts you to suspicious activity that could mean that your phone is stolen.
T-Mobile allows customers 14 days from the day that they purchase a new phone, to have it insured.
source: Assurant (1), (2) via TmoNews