If your warranty doesn't cover water damage, keep in mind that components are usually inexpensive and fairly simple to replace (especially in the case of cell phones). Most cell phones have at least three and sometimes more stickers that can get activated. If only one is activated, it may be possible to replace the affected component or components with parts that don't cost much.
One of the great things about the Internet is that it doesn't matter much if good replacement parts are available where you live. You can find them in a hurry and even do some comparison shopping for the best prices on the Internet.
Worried about poking around inside that phone of yours? A quick search will bring to instructions on how to replace parts quickly. Such repairs are common and hobbyists who fix their own things tend to share advice.