Climatic changes have made flooding a major environmental hazard in the coastal areas of Nigeria. This study assessed the impacts and households' adaptation mechanisms in Epe Division of Lagos State. Data obtained from some fishing folks were subjected to descriptive Probit regression and Tobit regression analytical methods. The results show that the adverse impacts of flooding reduce with ability to migrate, monthly income and possession of other secondary occupations. The females, educated and rich among the fishing folks, are willing to pay significantly higher amounts on insurance against flooding. The study recommended that efforts to address flooding should include an alternative skill development, migration, offering assistance, provision of affordable and quality health services for the treatment of malaria, cholera and dysentery and proper development of early warning signal, among other.