Getting ready to pick up 2 iPhone 5s for me and the wife from AT&T. I've seen the AT&T NEXT program, Apple Care, AT&T equipment protection, and also looked at some private insures like Protect Cell but I have no experience with any of them. I have been using Sprint and it's so-so equipment protection plan but I'd like something more robust that covers all forms of accidental damage and possibly even theft. I'd like to get everyone's opinions on what is the best way to insure several phones in the best way possible, it doesn't necessarily have to be the cheapest possible I'm more worried about coverage as I tend to drop my phone and we also have a new baby that has a real love of eating then throwing expensive electronics the minute your back is turned. That being said, the baby isn't cheap and savings are always appreciated.

Also, any horror stories or things to avoid would also be helpful.