Identification of flood water extent from satellite images has historically relied on either synthetic aperture radar (SAR) or multi-spectral (MS) imagery. MS sensors are limited to cloud free conditions, whereas SAR imagery is plagued by noise-like speckle. Prior studies that use combinations of MS and SAR data to overcome individual limitations of these sensors have not fully examined sensitivity of flood mapping performance to different combinations of SAR and MS derived spectral indices or band transformations in color space. This study explores the use of diverse bands of Sentinel 2 (S2) through well-established water indices and Sentinel 1 (S1) derived SAR imagery along with their combinations to assess their capability for generating accurate flood inundation maps. The robustness in performance of S-1 and S-2 band combinations was evaluated using 446 hand labeled flood inundation images spanning across 11 flood events from Sen1Floods11 dataset which are highly diverse in terms of land cover as well as location. A modified K-fold cross validation approach is used to evaluate the performance of 32 combinations of S1 and S2 bands using a fully connected deep convolutional neural network known as U-Net. Our results indicated that usage of elevation information has improved the capability of S1 imagery to produce more accurate flood inundation maps. Compared to a median F1 score of 0.62 when using only S1 bands, the combined use of S1 and elevation information led to an improved median F1 score of 0.73. Water extraction indices based on S2 bands have a statistically significant superior performance in comparison to S1. Among all the band combinations, HSV (Hue, Saturation, Value) transformation of S2 bands provides a median F1 score of 0.9, outperforming the commonly used water spectral indices owing to HSV’s transformation’s superior contrast distinguishing abilities. Additionally, U-Net algorithm was able to learn the relationship between raw S2 based water extraction indices and their corresponding raw S2 ba...