If you did not buy the extended warranty through Verizon. The 1 year manufacture warranty will only cover defects with the phone. This includes malfunctions such as the screen going bad (not broken due to owner), keyboard going bad, lights not working on phone, software crash) Other than that such as dropping it, water damage etc. will not be covered by them.
However if you buy the warranty they will cover more things (not exactly what things but more than the manufacture warranty) but Verizon won't let you buy insurance and make a quick claim on it either as they will make you wait a few months before they will even start to look at it under a warranty.
