Does Apple Care plus cover device loss?

I'm not aware of Apple Care ++ but AppleCare+ for iPhones does have a Theft and Loss option (at a higher cost). See the following from AppleCare Products - iPhone - Apple for more information:

AppleCare+

AppleCare+ for iPhone includes up to two incidents of accidental damage protection every 12 months.3 Each incident is subject to the service fees listed below, plus applicable tax. In addition, you’ll get Express Replacement Service4 and 24/7 priority access to Apple experts by chat or phone.2

AppleCare+ with Theft and Loss

Get everything included in AppleCare+ and up to two incidents of theft or loss coverage every 12 months.3 Each incident is subject to the deductible listed below.

Theft and loss coverage requires you to have Find My iPhone enabled on your device at the time it is lost or stolen.5

If your product says it does in its name, yes. Otherwise, no.

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