Thanks for the replies!
I actually ended up going with the "Total Equipment Protection" which is basically $5.99 and includes an extended warranty. When I do the math, the cost and deductable is still cheaper than buying a new phone, and it's a nice feeling to know that if something goes wrong, I'm covered.
Also, I've read rumors online that the phone may be discontinued due to it's price being so low, and I figured if that's the case it might be a good idea to make sure I can get a hold of a replacement if something goes wrong. However, I am not sure if that rumor is in fact valid or not.
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