When your phone has been dropped into the water or any forms of liquid, be prepared with first-aids so you can help out your device and still be able to take out important information inside it and of course avoid water damage. Remember that when you have dropped your device, take it out right away and do the following:
Turn off the iPhone and never charge or plug it into any electrical connectors.
Use a soft dry cloth to hand-dry the phone.
Carefully remove the SIM card out and pat it dry as well.
Wipe all the connector housings such as the headphone jack and the charger ports. Be sure to remove any excess moisture.
Using a bag of uncooked rice put the iPhone inside and let it dry for about 48 hours. Store the bag in a dry place. You may add silica gels to help the rice remove all the excess moisture.
After the 48 hours, take out the iPhone from the bag and insert the SIM card back and attempt to power on the device.
If the Liquid Damage Indicator has not turned into a bloody red or dark pink color, then you are lucky enough. Attempt to power on the device by inserting the SIM card back and turn it on. If it turns on and the phone is working normally, you have just been saved from water damage. You can now double check all your phone data if there is anything missing and create necessary backups via iTunes and iCloud. However, if your iPhone does not power on or the Liquid Damage Indicator turns red, then you may have to proceed to the next process which is data recovery.