What About This New "Leasing A Phone" Thing?

[shilala]

Because AT&T is set up that way, like everyone else (I'm guessing), we've "leased" our last two phones.
I think I just pay for mine and keep it after two years. I don't know because I didn't buy it and Weeze doesn't know what she signed up for.
Now she just got a 6S and did the same thing.

So I'm trying to go back and uncover how bad I'm screwed.
The main thing, Insurance.
I have to turn in a working, good condition phone if in fact I need to return it at contract's end.
I've had my 6+ too long to get insurance, from what I've read.
Weeze can get insurance for around 7 bucks a month on her 6s.

I'm just asking what you guys know about all this in general.
Do you carry insurance?
With who?
Did you choose to turn your phone in, or do you keep it?
If you keep it, can you get a new one?

Just anything will help while I try to get ahead of this phone mess.
As it looks right now, it'll cost me $2400 if I fall in the ocean with our phones. I've done that before.

Thanks!!!