Today we can go for insurance of everything we use, even of mobile. If you are going for mobile insurance, them first check how much you have to pay for insurance. It must not be higher than the cost of mobile. The risk covered in insurance must be seen, that is only theft, or accidental loss due to fire, dropping in water is covered or not. The insurance company would pay for the amount of mobile lost, so you have to make efforts for recovering the data back in the phone lost. I recommend to go for mobile insurance if only your mobile is of high value.