If you spent the $99 for AppleCare+ it would be covered under one of your $49 replacement issues that are included in the AppleCare+ purchase.  If you don't have AppleCare+, you would have to read the fine print of your insurance policy which you would  like ot claim it under.  Some of the ones sold specifically fo rthe iPhone don't cover this type of damage, but some do.

If you don't have AppleCare+ or a third party insurance on your iPhone, then, you could fall back on the Apple "Out of Warrantee" flat rate repairs.  I believe those are very similar to the cost of buying a new iPhone under contract, except that you don't get a new contract with AT&T...

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definephp wrote:

My 2 year old son recently dropped my 2 month old iPhone 5 in the toilet while playing games on it. The phone has extensive water damage and won't turn ON (the camera flash won't turn OFF). Does anyone know if the insurance company would replace my damaged iPhone 5? If so, what is the procedure? If not, is it covered under the Apple warranty? Any help would be greatly appreciated..

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Which insurance company are you talking about - your home owners or do you pay for the asurion policy through att? If asurion, go to their webstie and open the claim, for a iphone there is 199.00 deductable. If you insurance check with either your agent or the company directly.

Aslo, if I recall correctly Apple with do an out of warrenty replacement for 199.00 at the genus bar - at least they used to.