To me a lot depends on do you often put your phone down in public places? Do you have a lot of instances where you don’t know where your phone is? At your place of work are there a lot of thefts? Are you often in crowded areas? Do you use it on public transportation a lot where someone could grab it out of your hand and run? How is crime in your place of residence?

Just remember that theft or loss is not an instant replacement like AppleCare+. It goes through a third party and you have to work with them. Also, I believe the deductible is around $250. So look at the cost for two years plus the cost of the deductible and determine if that will be worth it to you if you have just one loss or theft in 2 years. Of course it covers more but if you’ve never lost or had one stolen I would just factor in one.