updated 7/5/2011 5:49:40 PM ET 2011-07-05T21:49:40

AT&T is gearing up to offer a new insurance plan for iPhone owners to help protect their devices from loss and theft to mechanical failures and liquid damage.

For just $4.99 a month, Apple iPhone users will be able to add insurance to a mobile number that will cover the device after the company's warranty period expires.

A non-refundable deductible will be applied to each claim, depending on the device model, and will range from $50 to $125.

The plan allows two claims within any consecutive 12 months, with a maximum device value of $1500 per claim.

However, the plan must be added within the first 30 days the device is purchased. Customers can cancel the insurance policy at any time.

The AppleCare Protection Plan from Apple has been offered for $69, which extends the standard Apple iPhone warranty. But the AppleCare Protection Plan is limited in what it covers.

Reach TechNewsDaily senior writer Samantha Murphy at This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Follow her on Twitter @SamMurphy_TMN


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