Getting your iPhone soaked in water or any other liquid is bad news. If the unthinkable happens, and you don’t have insurance, your best way is to make sure the iPhone is off, swap it down with a dry cloth, then do one of the following immediately
Place your iPhone in a plastic bag with a few silica packets.
Put your iPhone in a hearing aid dryer for several hours.
The point with all of these methods is to draw all moisture out of the phone as quickly as possible.Just air-drying the unit is an option, but won’t act as quickly as the mentioned methods above.
After several hours, make sure all parts are dry to your best bet, blow some air in to the docking area, make sure no liquid drops there, and turn on device.
If your phone still dead or your iPhone loses most of or all functionality, an Apple FAQ states that if you own an iPhone and it requires service for any reason other than the battery (which costs $86 total to replace), Apple will repair your iPhone for the service fee.