This dissertation addresses critical inadequacies in current flood risk management strategies by proposing an innovative community-based insurance (CBI) model. The research introduces a paradigm shift in flood insurance, reimagining it as 'Life Insurance for Levees' - a vital tool for community resilience in the face of escalating climate risks.The study presents a novel three-tier, insurance-facilitated program for flood-risk management, integrating multidisciplinary approaches from economics, finance, insurance, engineering, and social sciences. This comprehensive alternative to the National Flood Insurance Program (NFIP) employs modern Enterprise Risk Management (ERM) concepts to actively manage flood risk's financial impacts. Through a mixed-methods approach, including policy analysis, case studies, and stakeholder interviews, the research examines the potential of Geologic Hazard Abatement Districts (GHADs) as a governance mechanism for CBI programs. A case study of Isleton in the Sacramento-San Joaquin Delta illustrates the challenges and opportunities of implementing community-wide flood insurance. It also highlights the importance of GHADs in this new risk management strategy. The findings suggest that while a community-based disaster resiliency and recovery program could provide a more equitable and cost-effective alternative to the NFIP, its widespread implementation necessitates targeted support from federal, state, and local entities. Key elements for success include strong public-private partnerships, innovative insurance strategies, upfront no-regrets seed funding, action-based academic research, and long-term commitment from local officials. This research contributes significantly to the evolving field of climate risk management, offering a practical, community-centered approach that could transform disaster preparedness and recovery outcomes. By positioning flood insurance as a form of community life insurance, and as one component of a community ERM portfolio, this study aims to revolutionize the discourse surrounding flood risk management and community resilience.