Apple recently revised its Reuse and Recycling Program policies and will now accept water-damaged iOS devices as part of its trade-in program, The Verge reported.

Customers will now be able to trade in water-damaged devices in for an Apple Store gift card. Previously, old phones whose liquid contact indicators - stickers that change color when they get wet - read positive, were rejected by the company.

However, the value devices that have been exposed to water or other liquids could be affected by more than $100 in some cases.

According to the AppleInsider, a good condition 64Gb iPhone 5 would be traded-in for $350 without water damage, With water damage, the value would drop to $230.

"The lower price is to be expected, as recyclers are taking a risk in buying back a damaged item," AppleInsider said.

That's only if it's working.

A non-working device with water damage would only get a customer about $50 from Apple. An iOS device has a liquid contact indicator that's usually located at the bottom of the headphone jack,

"If you shine a light down into the jack you'll see if the device has been swimming around in water. If the indicator is white or silver, you'll all good, but if it's red or pink, that means it's been affected," according to GottabeMobile, a news and review website on technology.

In iPhone 3G and later, the indicator is positioned on the bottom of the dock connector for, as well as all iPads.  The iPhone 5′s indicator is located inside of the SIM card tray, according to GottabeMobile. 

Apple is not yet opening up trade-ins for iPhone 5s or iPhone 5c.

The Reuse and Recycling Program in 2011 and offers Apple Store gift cards instead of cash for used products. As part of this program, Apple has partnered with PowerOn to buy used iOS devices, as well as other non-Apple products.