The basement is often, if not always, at the receiving end of flood damage. The flood may not reach your ground floor, but the basement gets turned into a cesspool either way. Owning a man cave or workshop below ground level, in this case, may as well be the biggest insurance pinch of your life.Flood and homeowner's insurance does not always guarantee recompense, writes CNBC's Kelli Grant. Even if your policy covers this event, that doesn't mean you'll get the full amount.Basements were originally meant to serve as storage rooms. Above-ground storage rooms aren't always possible due to zoning laws. As the basement extends downward instead of in a lateral direction, homes can have extra storage space without violating local zoning regulations. In recent years, however, basements have seen their function expand to include leisure and lodging.