This site may help you in finding out what the 1 year covers.
For me personally I don't like extended warranties and never get them because I found it was a waste of money. Most times it is a hassle to get the problem fixed under warranty anyway.
One example, A friend brought her 2 and 1/2 old Laptop to me for repairs. it turned out the HDD was gone. She had bought an extended 3 year warranty for $300.00, HP replaced the Drive (REBUILT), She could have gone to the local computer store and bought a new one for $65.00. Her warranty has now expired so she is out $235.00. Now, The accidental damage might be worth it if one is careless and does not take care of things correctly, the choice is really up to you. Good luck on whatever you decide.
I know that it wont cover accidents and such but what exactly will it cover? If anything happens to the laptop that is no fault of my own within that year, will the limited wawrranty cover it? I am trying to decide if I should stick with the limited warranty as it is free with purchase or if I should go with the the 1 year HP Accidental Damage Protection with Express Repair extended service plan for an addt'l $100?