AppleCare finally covers lost and stolen iPhones—but it's not cheap

Apple announced three new iPhones at its event on Wednesday. 

And with those expensive new iPhones — the iPhone XS Max tops out at $1,449 — you'll surely want to protect those assets with a little insurance, no?

While not announced at the event, Apple also updated AppleCare+ — its warranty program for iPhones — to include a brand-new offering: AppleCare+ with Theft and Loss. Just in time for the release of the iPhone XS, iPhone XS Max, and iPhone XR, Apple will cover the theft or loss of your iPhone.

The thing is, AppleCare+ with Theft and Loss isn’t cheap, and there are caveats.