To help.
Sprint - $11/mo. This covers everything including lost/stolen and liquid damage. If a phone is lost, stolen, has liquid damage, or abuse beyond normal wear and tear (smashed screens, exposed main board because of missing plastic, etc.) then you must use the insurance portion. $150 (phones with MSRP $549.99-$599.99) and they will overnight a replacement (new or refurbished) to you. If something is wrong with the phone (blown speaker, touchscreen quits workings, buttons not working) it falls under service and repair. Sprint service center will fix it if possible. If not, a replacement is ordered and swapped out with the defective device. Corp stores can send them to your address and often will not have loaners. Preferred retailers service centers must order replacements to the store but often will have loaners because they want you as a customer.
It is possible to only have 1 of the 2 above. If you never lose your phone or don't want that protection, you can drop insurance. Or, the other way around. I believe insurance is $8 and service and repair is $3.
If you do not have service and repair, the above service for a defective phone is available for $35. If you chose this service, you are allowed to add TEP at that point. If you do not have insurance and lose your phone, drop it in a pool, etc. there is nothing a service center can do for you.
Hope this helps.