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KeywayIn comercial construction fireproof rooms are built with metal studs and joists and on concrete floor. A Double layer of 5/8 firecode sheet is put on all walls and ceiling. The door and frame are made of steel and have a 2 hour fire rating as does the sheetrock. As far as water damage a good footing drain around your foundation, should keep your house water free. If the room is for display that is the way I would build it. If your just going to store your stuff in it and don't need it for display your better off buying a fireproof gun safe, as they are large and safe in all ways. Hope that helps. Frank