Is there a point to have insurance?

[yonif99]

Based on my understanding, which I did not realize until recently, if your phone has issues you can take it into the store and they will fix it for you. But if it has water damage you need insurance. Is that correct?

Because until now I thought everytime I was getting it fixed it was bc I had insurance. But they would have fixed it anyway?

I'm saying, if that's true, with a $100 deductible, it definitally is not worth 8 bucks a month!