Water Damage and Replacement

If an Iphone 5 got water damaged can I replace it or do I have to pay full price for a new one?

Here is an excerpt from the regular warranty (which does not cover liquid contact):
This Warranty does not apply: (a) to consumable parts, such as batteries or protective coatings that are designed to diminish over time, unless failure has occurred due to a defect in materials or workmanship; (b) to cosmetic damage, including but not limited to scratches, dents and broken plastic on ports; (c) to damage caused by use with another product; (d) to damage caused by accident, abuse, misuse, liquid contact, fire, earthquake or other external cause; (e) to damage caused by operating the Apple Product outside Apple’s published guidelines; (f) to damage caused by service (including upgrades and expansions) performed by anyone who is not a representative of Apple or an Apple Authorized Service Provider (“AASP”); (g) to an Apple Product that has been modified to alter functionality or capability without the written permission of Apple; (h) to defects caused by normal wear and tear or otherwise due to the normal aging of the Apple Product, or if any serial number has been removed or defaced from the Apple Product.
And here is the AppleCare + Plan (if you purchased it) (which appears to cover it):
Not knowing your location, I chose the US to view them. Do not know if they'd be different elsewhere.

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