Buying A Previously Flooded Home . What is the general consensus on buying flooded homes? We would recommend that you insure the contents of your home too, unless you have the financial means to replace everything yourself. County Progressing Toward Buying StormDamaged Homes News from www.thepilot.com If you buy it, you should leverage the fact that it flooded for a discount. The water will come anyway it can. First, flood insurance, especially if it’s required, can be expensive.