I dropped my phone this morning in a cooler filled with water, and it was in there for about a minute before I realised it. I've taken the cover off and let it dry for about 6 hours. I gave in and tested it once after those six hours and I got an error-esque screen saying "DOWNLOAD" in block letters on a red stripe with a black background. Is this a signal that my phone is ruined beyond compare? Or is there anything else I can do to fix it?

I'm not sure if we have insurance on our phones. But would insurance cover it, at all?