You are smart to have insurance!! Glad you got another phone.
If anyone reading this, doesn't have insurance, you might try the following.
I accidentally tossed my HTC Touch Pro into 2 feet of water. It was under water for about 3 minutes, air bubbles pouring out. But I got it back to life and used it for another 2 years with no problems, here's how:
Immediately remove the battery and didn't attempt to turn on for at least 3 days. For several hours, I put the phone in front of a strong fan, with the back cover off, to blow air across it. No heat-that will cook the phone. I rotated the phone several times. Then I got about 20 packets of dessicant (saved from ones that were included in purchases over the years, I knew I was saving them for a reason!) and placed the phone and 10 packets into a zip lock and rotated the other 10 packets the next day. If you get the clay dessicant, they can be reactivated in a low oven. I've been told rice works. I would think you would need to switch it out atleast every several hours.
I can't tell you how wonderful it was to hear the phone turn on after 4 days!