Disasters can have devastating impacts on communities particularly when they are disproportionately impacted by flooding. Despite the presence of governmental programs implemented to increase community preparedness for flooding, communities may still struggle. Currently, we have limited holistic knowledge of barriers that stifle community preparedness. To address this gap, we conducted 32 in‐depth interviews with stakeholders including community members, leaders, and city employees in a community subject to flood risk. The findings suggest that preparedness is not overcome simply by providing knowledge, and people do not necessarily embrace preparedness after participating in training programs. Rather, community preparedness is entwined with addressing chronic stressors, increasing community participation, and attending to social justice and broken trust due to historical mistreatment of the community. We hereby introduce the notion of community preparedness efficacy—defined as the barriers needed to be overcome for communities to be able to prepare for disasters—that considers chronic stressors, community participation, social justice, and equity to move underserved communities forward.