yes, you will have to pay for it though ... full price.
If you havent turned in on since it went swimming, you can dry it out by sticking in the refrigerator for a day or 2. The low humidity will suck the water out of the phone. I have "saved" quite a few phones this way. When ya take out, quickly stick in a sealable plastic bag (aka ziplock ) with some rice (uncooked obviously) ... and let it return to room temperature before taking out of bag.
If you turned it on after being dunked, you likely fried it.
Water in itself would probably not hurt as much it is the electricity that matters. Probably too late now but if something like that happens again remove any batteries or unplug power as fast as you can then let everything dry. Only reconnect when everything is absolutely dry.
Most PCB's can be cleansed by putting them into water then apply ultrasonic sound to the water https/en.wikipedia.org/wiki/Ultrasonic_cleaning. The only things that can get damaged are paper capacitors (not used that often anymore) and paper loudspeakers.