Water damage but phone still working

My phone got wet in the rain. I didn't realise and in the morning I noticed the front camera has condensation on it. After a few more hours the screen had a vertical strip of pink/white down the screen and within another 30 mins, the whole screen went white.

It appears the phone is still working, it rings, I can hear messages coming in etc but I can't see anything.

I took it into the genius bar and they looked at it and said there was nothing they could do and it's not covered under warranty because it's water damage.

I've seen some people on threads here say the same and their phones came back to life after a few days, but I didn't see anyone mention that their front camera showed condensation.

Can anyone advise if the same thing happened? I don't know whether to act fast, get a replacement phone etc, or whether to wait and see if it dries out and comes back to life.