New iPhone 5 got wet and broke?

My brand new iPhone 5 got wet and is not functioning. My parents signed a 2-year contract with AT&T. Is a new iPhone 5 going to cost a ridiculous amount of money? What can I do? I think it is under warranty.

Added (1). Please help i just wasted a boatload of my parents money and i feel horrible

You could try saying the phone broke when you got it you might be able to get a replacement if you lie enough i don't hink they cover water damage

or you could try contents insurance to see if they cover it

but to buy a new iphone 5 will cost a fortune since they are just out
if you can't get a new iphone 5 then try selling it as spare and repair on ebay or facebook groups and put that money towards another phone maybe a iphone 4/4s if your parents don't know much about phones or tech they might not notice the difference

Phones have a device in them that determines if it's ever been wet or not. If this turns pink or red, they know it's water damage. I'd put it in a full bowl of DRY white rice for a few days to see if it will dry out and work again. If it doesn't, you may be in trouble as I do not know if water damage is covered under warranty. Do you have insurance on it? Cause it MAY be covered, but it all depends on what insurance you have.
How did this happen? Gotta be careful with this stuff.

Switch off your mobile phone battery and immediately contact with service center representation from
AT & T. They will guide you the best solution available for your valuable mobile.

Apple care should cover but if no apple care then no water voids waranty

new iphone used still go for 500 ish and up

new 800

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