The serious flooding affected large parts of county Londonderry as well as nearby Donegal.
On Wednesday morning, the flood water was still several feet high outside the Drumahoe venue after the nearby River Faughan burst its banks.
Friday's Championship game against Ballyclare switches to Dixon Park.
The expectation is that Institute will be unable to play home games at their premises for at least a month.
The club's dressing rooms are also understood to have been damaged by Tuesday's flooding which caused major disruption throughout the North West.
Pictures of the damage were put on Institute's Twitter feed on Wednesday and the club described the situation as "soul destroying".

A judge dismissed the charge against the retired sportsman after identifying inconsistencies in Tina Wallace's evidence.
She also refused a prosecution application to impose a restraining order.
Mr Wallace, 37, was accused of subjecting his wife to harassment over two dates in May last year.
By that stage the couple had split after 11 years of marriage, with the ex-rugby star moving out of the family home in east Belfast.
Belfast Magistrates' Court was told he sent 41-year-old Mrs Wallace a number of text messages on 1 May.
During a contested hearing she claimed he appeared at the kitchen window of the house while a male friend was present.
It was also alleged that her husband tried to take photographs.
Mr Wallace, capped 30 times in an international career which involved being part of Ireland's 2009 Grand Slam-winning team, denied the allegations.
His barrister challenged the account during cross-examination of the alleged victim.
Delivering judgment on the case, the judge stressed that successful prosecution on a harassment charge required a course of conduct of at least two incidents.
She pointed to discrepancies between the evidence given of the second alleged incident and an account given in separate proceedings.
The judge said it was unfortunate police did not obtain a statement from the witness in the house.
"I cannot be satisfied to the relevant standard what happened on that date," she said.
"In those circumstances I have to dismiss the charge."
Mr Wallace, of Station Road in Holywood, County Down, left court without commenting on the case.
But his lawyer, said: "Mr Wallace is pleased with the outcome of today's hearing and wishes to thank his legal team, friends and family for their support at this difficult time.
"He now wants to move on with his life and focus on his two children."

Southampton, Portsmouth and Isle of Wight councils applied to the government in October to create an authority to boost economic growth.
They said they had been allocated £900m over 30 years by the government.
Portsmouth Council leader Donna Jones said the money now appeared to have been lost because of opposition by Hampshire County Council.
Ms Jones said it was "highly unlikely" that the government would agree the deal, because "there isn't consensus".
The situation was discussed at a meeting at Westminster on Wednesday involving Hampshire MPs and council leaders.
The new Isle of Wight Council leader Dave Stewart said he confirmed to the meeting that his recently-elected Conservative administration would not support the existing bid.
Isle of Wight Conservatives had previously said the island's needs "could easily be overridden" by Southampton and Portsmouth.
Hampshire County Council leader Roy Perry said: "I'm not surprised that the deal is now dead.
"It would not have helped the local economy and would have led to the dismantling of vital county-wide services - such as transport, health and social care."
Keith House, the leader of Eastleigh Borough Council, which had been in talks to join the Solent Combined Authority (SCA), said the bid was "almost certainly dead", but Fareham Borough Council leader Sean Woodward urged the government to "press ahead" with the deal.
The Department for Communities and Local Government said devolution applications should be accompanied by "local support", but did not say whether the Solent bid had been refused.
The Conservative MP for Havant, Alan Mak, said: "The money is still very much there.
"This is an opportunity for the council leaders to come forward with new proposals that are viable."
Institute's Riverside Stadium is likely to be unavailable for some time after their pitch was badly damaged by flooding on Tuesday night.
[NEXT_CONCEPT]
The former Ireland and Ulster rugby star Paddy Wallace has been acquitted of harassing his estranged wife.
[NEXT_CONCEPT]
A deal to set up a new authority for the Solent area is "almost certainly dead", council leaders have said.