Put them out in the sun for a several days. They should dry out and be fine. I assume they have a sheathing around them
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If water has seeped into them they will corrode which will effect their performance. Especially if the ends got wet. You should be able to see the corrosion setting in at the bare ends. In the mean time you can use them as the very high resistance of the water is no where near the much lower impedance of your speakers.
BTW, Bose use to hook up there outdoor waterproof speakers and immerse them into a bucket of water while playing to prove there waterproof status.
Just checked your system. an I hope those Utopias weren't damaged.
Not sure about the insurance covering the cables but I had a water damage in my house after a pipe burst a few months ago. I was amazed at how generous my insurance adjuster was. It might've helped that I was home and reacted quickly to shut the water off before damage was too extensive.
Thanks for the replies. BTW, this is my 6th basement flood in 4 years. Noboby has a solution. The utopias and the equipment are elevated and should be fine. However, the PADs are soaked along with my Tara Labs PCs I should emphasize that the ends are fine. Its the thick part of the cable that got soaked and I'm not sure if that will penetrate into the metal core. I am so miserable without my system.
As an alternative to having the dealer test them consider buying a multimeter, and testing them yourself for shorts and opens. If you do that, while holding the test leads in place for each test have someone else manipulate the cables, to make sure that there are no marginal shorts or opens that may show up momentarily as the cable is being manipulated.
After they have dried out thoroughly, and if there are no shorts or opens, give them a try. My guess is that they will perform as well as ever. Keep in mind, of course, that after all of the downtime other parts of the system may need a substantial amount of time and use for warmup and/or re-breakin.
No first hand experience with this cable, but from looking at pictures I don't see how letting them stand in water (assuming no chemical contamination) will hurt them or effect performance. As long as the terminated ends weren't in the water you should be good to go.
If I were you I'd let them dry (apply no heat) and wire them up. If you want to be cautious, get a cable tester (<$100 at pro music stores) and test for shorts.
At a previous house we had repeated basement/water issues and the solution was to install a B-Dry interior perimeter drain system w/ sump pump. B-Dry is a proprietary system, but there are several competing systems.
Our basement flooded or at least got wet a couple times a year and I got sick of humping my audio equipment upstairs every time it happened (my cables also got wet and they're fine). We had french drains installed a couple years ago, which is basically a perforated pipe running along a trench that's dug along the perimeter of your basement (inside, not outside) and then covered. Haven't had a drop of water since. Any water that gets into the trench gets pumped out to the street by a sump pump. Not cheap, but a small percentage of what you've got invested in your stereo. I find the peace of mind alone is worth it, and it adds value to your house if you ever sell. Also have a secondary backup pump in case the primary pump fails and a battery backup in case power goes out, which it usually does. Our area's bad and we sometimes lose power for a week or more, so last year I installed a whole-house backup generator. Hopefully you don't have to deal with that, but I think you should seriously consider french drains given your system and basement situation (assuming you've got properly functioning gutters and no other issues that may be contributing to the water problem). Hope this is helpful.