Does Verizon iPhone insurance cover water damage?

I have the iPhone 4S with Verizon and I pay insurance ($20 a month I think). Does it cover water damage? If it doesn't, how easy would it be to say I lost it?

I believe they do. I have Verizon insurance and I have dropped mine in the toilet and got a new one with the insurance. But you should call Verizon and ask.

No it doesn't.

I believe it does as well. But next time you buy an iPhone, get applecare on it. It's 100 dollars up front, covers EVERYTHING except lost/stolen and the deductible is only about 50 bucks (compared to 100 or 150 for carrier insurance)