Verizon/ apples replacement policy on water damage?

Okay I just dropped my new iPhone 5s 64gb in a toilet, I know it's horrible. I literally just got it last week. I didn't pay for apple care but I didn't know I'd t had a warranty just because its so new. But I did by the Verizon insurance. Right now I have my phone in a bag of rice so i don't know if it will end up working but I just need to know if I can get a replacement, please help!

The Apple Warranty will not cover the phone, but so much as you pay the deductible, the Verizon insurance (Asurion) will.

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