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Standard warranty
Apple says liquid damage isn't covered by its one-year limited warranty, though you may have rights under consumer law.
AppleCare+
AppleCare+ covers accidental damage, including liquid damage. In the US, Apple currently lists a $99 service fee for iPhone 'other accidental damage' ($29 for screen or back glass only). Fees and terms vary by country and plan, so check Apple's current fees page.
Tip
Check your coverage at checkcoverage.apple.com.
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