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It is important to realize that water damage is only on the surface of the problem. The dampness can lead to toxic mold which is considered a bio-hazard and some forms of toxic mold can lead to illnesses or even death.
Leaky pipes aren't the only cause of water damage which can include sewer leakage or back up, water leakage from an outdoor pool, washing machine overflow, or even water seepage from the ground. All of these are costly and some are not covered by homeowners insurance making it a burden on the homeowner.
Some basements are converted into additional bedrooms or living areas. Having more useable space is a plus but drywall can conceal a water and mold problem. This has its own drawbacks as water damage can have a considerable effect on living arrangements.
You will want to give consideration to the type of flooring most suitable for your basement. Water damage repair is often an expensive and uncomfortable experience, however, if you are prudent you can find the correct materials and certified professionals so that if water ever does get into your basement it can be restored quickly and less expensively. So you can return to a dry, happy home.