cellphone insurance, necessary?

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i heard that there is now a cellphone insurance wherein if your phone got lost or totally damage, they will replace it with new one...im thinking of insuring my phone with this legit company as i don't know when will i be a victim of pick-pocket, hold-up or even robbery...and if ever my insurance will expire without availing it, its ok atleast, nothing happen to me and my cellphone right? shelling out a small amount of money its not a big deal than being a loser when your phone was lost or damage! what do you think?