Why would you reinstall everything?
Just use MSkip's Nexus 7 Toolkit and backup everything so you can easily restore your apps. It is free too but he will gladly accept donations for extra features.
From now on, all geekware I buy (Nexi, iPhones, etc.) will be purchased with a card I know that has purchase protection and extended warranty.
Do you really get another $25 credit for a 2nd Nexus 7, even on the same account ?
I ask because I have a couple but assumed I'd have to use seperate accounts for us to get the credit on each one.
No one held a bullet to their heads and forced those people to signup for it.
Cell phone insurance, extended product warranties, life insurance(especially whole life and universal) are some of the biggest scams in the industry.
If you want real "Power to the people", tell your people to stop purchasing the scam insurance products in question in the first place or use an American Express card which gives an extra year warranty on top of the manufacturer warranty for free to purchase their electronics.
I know this is drifting off-topic a bit, but in the US the state and federal government hold a bullet to your head and force you to buy car insurance and soon health insurance. I know we were talking about phone insurance, but in a general sense it is true.
As far as the OP, this is why I have a case on my Nexus 7. But I also appreciate the low price, I feel like if something terrible did happen to my device it wouldn't be the end of the world since it can be replaced so easily.
Insurance is Legal Fraud anyway. You can never get most of them to pay out for legit claims.
Power to the people.