Make sure you have a full backup of your data since it appears to be working. But be advised that your device is essentially running on "borrowed" time. There's a good chance after water damage that the unit will either become unreliable or stop working in the future.
And no, most warranty plans don't cover water damage for obvious reasons.
If it's a company issued phone, they will probably replace it for you free of charge. If it's a personal phone, you're of course, out of luck. It may last "ok" until your contract is up. but since this is a 7130, I'm guess you have >1 yr left on contract. I'm not confident the water damaged 7130 would last that long. But I might be wrong.
What may kill you here is two things. 1. you didn't immediately yank the battery out when it got dunked. 2. you didn't let the unit completely dry for several days before turning it on.