Whether the culprit is a sink, toilet or rainstorm, getting your phone soaked in water or any other liquid is bad news. If the unthinkable happens, and you don't have insurance, your best bet is to make sure the iPhone is off, swap it down with a dry cloth, then do one of the following immediately:
Put your iPhone or electronic products in a tub or bag of uncooked rice and let it sit for several hours (up to 2 days).
Place your iPhone in a plastic bag with a few silica gel desiccant 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 aforementioned methods.
