Dropped iphone 4s in cup of coffee?

Will insurance cover or replace the phone? Or replaced by verizon?
If not, what options do i have? And at what cost?

I don't think water damage, or in this case Coffee damage is covered by insurance. Options… Get another iphone thru craigslist and activate it on your account or any other verizon phone. Cost is up to what the phone will cost you not sure if you can pay the $50 copay to insurance and they will replace it.
Water damage is a bit screwed up with these insurance plans specially verizon that is why i always opt out and decline mater as well just buy a used phone on craigslist.

If you have accidental damage, then yes it will be covered, the process is send your phone to the insurer for assessment, if they can't fix it they will provide a refurbished phone. Cost will be your insurance excess (check policy), otherwise its a trip to the apple store and pay a hefty premium for a replacement.