All below grade space will flood at one time or another. Whether it is due to ground water, sewer back up, appliance failure , sump pump failure or a plumbing leak. Because of this fact I would never recommend finishing off your basement space without preparing that space. I believe that all basement finishing projects must start with a sub floor drainage system, primary and battery back up sump, wall vapor barrier.
I also recommend waterproof flooring that can get wet and not be damaged. Ceiling tiles are another concern, chose the types that do not absorb moisture. There are mold resistant and sag resistant types out there that are perfect for the basement.
When you are done with your basement finishing project, don't forget the Santa Fe Basement Air system. It will control the moisture in those humidity summer months. Remember to install High water alarms in your finished basement near all sinks, toilets and sump pumps. visit www.basementdepot.com to purchase basement friendly products.