You can use it as one of the accidental damages with AppleCare plus , of which you are allowed two. I am on the phone with Apple now requesting a refund for AppleCare, and asked them about this topic. Sophia with Apple verified that you CAN use an accidental incident for water damage. It would cost $99, officially.
In Portland Oregon, a fellow Photographer fell into a pond while doing a shoot, and her iPhone was dead. We took it to the Apple Store. She had Apple Care + and they still charged her over $300.