I'm not 100 percent sure how insurance works, but I think if something goes terribly wrong, you can just say you lost it. If you don't want to commit fraud, maybe have an accident where it falls in the toilet or something. Water damage is covered.
but seriously, using the term "brick" should be a bannable offense. The droid pretty much cannot be bricked at this point, what with the sbf files floating around. This isn't just to you OP but for everyone using that term. If you want to root your phone, READ everything 2 or 3 times before even attempting to root, and you will be fine. There is no danger in rooting, little to no danger in installing custom ROMS and a bit of danger overclocking haha