:( Water being good a conductor sadly short out high-voltages and force them through components made to handle only low voltages - resulting in them burning out. And all this can happen under one minute of the phone being submerged in water. Following to this therefore makes testing and replacing these failed components difficult (and next to impossible) due to the fact that they are tiny and closely compacted. Replacement of these tiny components as well are either not procurable or too pricey.
That being said, it is true that many a phones got wet and still revived back to life but there is sadly no guarantee of this - each water damage case is sadly to be treated differently. It is sadly for reasons such as these that considerable valued devices like the Microsoft Lumia 620 are to be insured :(