The cost of water damage cleanup depends on the size of the flooded area and amount of time needed to handle the water repair. If your insurance policy covers water damage restoration, you are only responsible for the deductible. Not a penny more, not a penny less. Because water can move so quickly and be extremely destructive, if not promptly removed with the right equipment, there can be even bigger problems like mold growth and even structural damage. When done properly, fixing water damage can take several days and many man-hours to complete, which have varying costs.