Water damage equals recycling my iphone

For some reason, I never realized that my iphone insurance policy did not cover water damage.  When I stepped out of my car on a rainy day and forgot that it was on my lap, it ended up face down in a puddle.  I grabbed it as quickly as I could, turned it off, and then it sat in a bag of rice for a few days. No luck though, it never worked again. So now I have to recycle the iphone because I can’t sell the iphone as it is broken and won’t work.  But I had no idea that my insurance policy would not cover it and I would have to buy a new phone from scratch and pay the market price for it.  Which really makes me angry, because I just bought this one and its the newest model and everything.  It makes no sense to me that I would pay for insurance coverage every month the entire time I have had Verizon and that it does not cover water damage. I mean, it covers practically everything else, so there is really no reason what so ever that it not cover water damage. I guess they know that is the way that most people are going to ruin their iphones, so they make more money if they don’t cover the water damage and only cover the other stuff. But now I get to recycle electronics and do the world some good by not throwing it away and instead I’ll buy a new ihpone.