Water Damaged iphone 5. Will Apple help me out here?

This morning my iphone 5 fell out of my sweat pants pocket and into the toilet. I currently have it turned off and in a bag with DampRid, but I am not very hopeful that will survive. If it is bricked will Apple help me out at all? I really don't want to pay full price for a new phone and I really don't want to downgrade to an older used phone.