Yep - The best thing you can do right now is pull the carpet up - and let it dry underneath - the padding too. Detach it from the wall, and fold it back. Lift the pad, and get something to elevate that, like a small step stool. Depending on how wet it was (say, just a portion of a room) you won't have to pull it out completely - just make sure air is circulating all around it. Blow some fans on it. You may also need to get air to the subfloor depending on how saturated the whole thing was. After a few days, try some kind of order nuetralizer.
You will have to use your best judgement on calling the insurance company. Maybe you have an independent agent that could advise you before you make a claim?....it's a tough call from here, because we don't know how much damage there was, what your deductible is, etc. I have heard stories about MY insurance company that they flag people just for inquiries. (Now that really stinks.)
Maddle