Abstract: A flood barrier for protecting a building or like structure includes a water-impermeable sheet, which can be formed of a plurality of bags. The sheet has one end fixedly connected to a non-buoyant element and a second end fixedly connected to a buoyant element and is rolled around the buoyant element. The barrier is positioned adjacent to the foundation of the structure being protected. As floodwaters encounter the barrier and rise, the rising water floats the buoyant element and the sheet of water-impermeable material rollably mounted thereon is deployed while the non-buoyant element of the structure remains in place. As floodwaters rise, the sheet is deployed from the roller and remains interposed between the waters and the structure.