can dropping my phone in water break the charging port

Not only the charging port, unfortunately your device might suffer internal components corrosion.

If it happens, before turning your iPhone back on, make an appointment and have your device inspected at an Apple Store or AASP (Apple Authorized Service Provider) among this list:--> Apple – Location Selector

After checking it out, they'll give you all the available options.

Regards

Giulio

Yes. Water and electronics don't mix well.