Does apple provide any insurance to replace loss or stolen devices?

Do we have an option to maybe buy an insurance or something like apple care to provide us the replacement for losing our iphone? My buddy just had his iphone stolen by 2 guys last night outside of a club, this unfortunate incident may occure to anybody. I ordered an iphone 5s unlocked which if god forbid I lose it, whoever find or steal it, will be able to use it with no problem. Therefore I would like to know if there is such a replacement for loss or theft incidents, I appreciate your answer guys.