How to get an iphone 5 relpaced?

About a half hour ago my sister dropped her 16gb white iphone 5 into a lake near our house. The lake is about 50 feet deep of where she dropped it so it's useless. She got it last July and we have verizon but, no insurance. So can I get it replaced?

You're still on the hook for the contract, so either buy a cheap iphone & transfer the number or be prepared to shell out full cost of an iphone 5 & transfer the number. There's always the option to buy used, unlocked iphones, but the fact remains you'll be paying a good sum of money out of pocket.

No, but you can buy her a new phone for like $650 then take MUCH better care of the new phone. She has another year of your current contract so by a cheap "used" iPhone 4 would be perfect for the next year.