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None of the cameras seem to work, both showing a black screen. Hard reset, iOS update or replacing the cameras with the new ones didn’t help the case aswell. The indicators inside the phone shows that it is indeed water damaged. All the other functions works flawlessly. Anything else i can try out in order to fixing these? Thanks alot!

Camera Lover, Maybe recheck your installation and if water damaged reclean all Ribbon cable connections/ board and cable for rear camera with soft bristle tooth brush and high concentration isopropyl alcohol at least 90% and dry with compressed can air. Reconnect cables/plugs securely and assemble. Check the links below for tutorals on what to check for and cleaning phone after water damage. Check the attached links,instruction and guides, Good luck I hope this helped you out, if so let me know by pressing the helpful button. http://www.hcqs.us/blog/fix-iphone-5-frohttps://www.youtube.com/watch?v=LrN4VVdn

Have you tried a iOS software restore using via iTunes and setting up as a NEW iPhone, nothing backed up?