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.