Good timing, MR just posted about it lol. https://www.macrumors.com/2015/04/2...source=osx&utm_medium=push&utm_campaign=front
Yes, the standard warranty absolutely has to cover water damage incurred within the scope of the IPX7 rating. Otherwise it's false advertisement and there will be a class action lawsuit. Apple is smarter than that.
This is a very good point. I have been debating if I should get Apple Care+ water is the primary thing that concerns me.
I doubt the standard warranty would. After all how can the customer or Apple prove or disprove how much water it has been in and for how long?
The standard warranty will cover water damage and you can easily double that using an eligible credit card. The only benefit of AC+ is accidental damage protection other than water damage such as a shattered screen.