MacRumors reports that the new changes will allow users to get a repair or replacement for a damaged device twice a year if necessary. That’s a maximum of four replacements over the typical term of an AppleCare + policy of two years, twice as often as before. There’s also a deductible to replace a stolen or lost phone: $ 149 – up from $ 269 on the more expensive models before. (Theft and loss prevention is an additional fee that depends on the device.)
Because these updated terms are available on Apple’s website, they can be applied retrospectively to current AppleCare + members, as claimed by MacRumors commenter rickyd10. I wouldn’t bet my iPhone on that, though.
Source: MacRumors via The Verge