iPhone 4S power button stuck, manufacturer's defect?

The power button is stuck on my iPhone 4s and no longer works. The factory warranty through Apple is expired, but I do have Total Equipment Coverage through Verizon/Asurion. I'm wondering if the power button failure is considered a manufacturer's defect? If not, I have to pay Asurion a $169 deductible to file a claim on my phone. If this is a manufacturer's defect, Asurion apparently will replace it at no cost. The phone is in really good condition, despite the stuck power button, and only has a few scratches here and there from normal use.

Note: I've tried using compressed air, which did not work.