Your 123.ie Home Insurance will protect you against damage caused by flooding and escape of water on a new-for-old basis. Your home building policy covers damage to the building itself and any other permanent structures on your land such as its garages and outbuildings, drives, walls and patios. Your contents policy protects the contents, including furnishings, TVs, etc.
Not all 123.ie Home Insurance policies cover flood damage, check at the quote stage or on your insurance schedule.
There are terms and conditions - you can check the policy document here.