The first way is traditional construction using Densarmor Wall board with metal studs.  The insulation is determined by the type of foundation and if it's waterproofed with a moisture barrier.  Polystyrene foam board is recommended.  This type of construction comes with a warranty of only 1 year for craftsmanship.   If you get flooded, depending on the flooring choice, you would need to wipe off the dirt mark and that is it.  All of the products do not support mold growth but no manufacture of the projects will warranty your project.

The second way is the fiberglass insulated wall board.  There are a couple of companies that offer such projects. (Owens Corning & Champion)  The products are identical except  for the connectors.  Every four feet, you would see what's called a baton strip.  The wall boards have a synthetic fabric exterior.  This product uses a track system and metal stud for interior walls.  If you get flooded, the walls will wick and will form a water line that is very difficult to remove if even possible without replacing the panel.  The product comes with a life time warranty against mold from the manufacture.

The third way is a cementitious board with a polystyrene foam backer. The manufacture is Total Basement Finishing.  There are two options for the wall boards. One is a vinyl covering where every four feet you would see a baton strip and the other is a paintable system where you do not see any strips.  It look identical to traditional construction which allows you to have a continuous flow from the ascetic from upstairs into your basement.   If you get flooded, you just wipe off the dirt mark and that is it.  The product is the only product on the market that is 100% water resistant.  It come with a 50 year transferable warranty.