The almost 9 inches of rain fell within a 24 hour period, resulting in depths of several feet of water on the streets. Many residential basements were flooded when water pushed in their grade windows. The storm sewers were unable to keep up with the amount of water, resulting in severe flooding of the businesses on Main Street. There and in the Fourth Ward, in campus town, severe flooding in basements destroyed goods. According to Farwell T. Brown, Montgomery Ward, J.C. Penney, Carr Hardware, and Younkers Stores reported significant inventory losses. It was estimated that merchandise worth thousands of dollars was destroyed by the flooding. The Tribune, a local newspaper, reported that only one of four of their linotype machines worked the next day after they stood in the 14 inches of water on the floor.

In 1944, only a few of the businesses had flood insurance because it was rarely included in policies in the area. Most businesses were unable to collect damages caused by the flooding but were able to collect some damages caused by wind. Not being able to collect flood damages could have been very detrimental to small business owners. In more recent times, most businesses in Ames carry a policy with flood insurance due to the past history and vulnerability of flooding in the area. Since 1944, new procedures have been put in place to prevent destruction of this magnitude, including zoning regulations, insurance policies, better drainage systems, and better emergency plans. Still, the flood of 2010 did also damage both businesses and residential properties.