IF you arranged for a phone insurance the yes you should report it to them and they will give you a new phone and you pay the deductible. Unfrortunately, if you have a phone which is not longer available, they will give you a' similar' one, which usually means a lesser one.
Cell phone insurance used to be good in the nineties, but these days the value is just not there.
You homeowner's may cover it, but the deductible will be larger than the value of your phone and after a couple of tiny claims they will kick you out.
You can visit this link to read more about the insurance options http://support.vzw.com/faqs/Features%20and%20Optional%20Services/faq_equipment_insurance.html
Also you can visit our website to sign in or register for my Verizon online at https://login.verizonwireless.com/amserver/UI/Login. If you are not registered you will click the register icon to complete the steps of registering. The My Verizon online will also allow you to suspend/resume service. For instance, if you lost your phone you can go online and suspend the service. If you find your phone you can sign back in online to resume your service.