dropped iphone in water, screen doesn't work?

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it's an iphone 4 (not 4s) that i've had for about two years. dropped it in water yesterday and it was completely submerged, i took it out and dried it off and the screen wasn't working (it was on but it wasn't responding to touch) and the led light on the back was on. so i put it in rice and took it out just now and the led light is off but the screen still isnt working. its back in rice now but is it worth keeping it in there longer or is it a lost cause?

also i have an upgrade in may and i did have insurance on it, but they don't make iphone 4's anymore so i don't know how that would work? do you think they (verizon) would give me my upgrade early?