Well this is a bummer. One of the more exciting announcements about the iPhone 7 was the news that it's water-resistant and can survive submerged in one meter of water for thirty minutes. You better not leave it in for a minute longer, however, because Apple won't actual cover the water damage.
“iPhone 7 and iPhone 7 Plus are splash, water, and dust resistant and were tested under controlled laboratory conditions with a rating of IP67 under IEC standard 60529. Splash, water, and dust resistance are not permanent conditions and resistance might decrease as a result of normal wear. Do not attempt to charge a wet iPhone; refer to the user guide for cleaning and drying instructions. Liquid damage not covered under warranty.”
Now, it's not like Apple is the only company that doesn't cover liquid damage. Samsung doesn't either, but then again Samsung isn't telling you to jump into a pool with your phone in your hand. I understand where Apple is coming from, I do. They want to make sure users are obeying the waterproofing limits and not just taking their phones out scuba diving at Apple's expense. Still, it makes the water-resistant promise ring a bit hollow.