What is Water Damage Restoration? This is a process of repairing a home or property to its state before it is lost. Damage to property can be caused by flood or other water damage event. In the current economy, it is more difficult to solve water damages to home or business. If you have flood or water damage in your home or business, and you have no insurance, the cost of solving your problems can be very expensive. If you have insurance, it is best to hire a professional water damage restoration company to take care of the problem.