Home Buyer,
Great Questions. I am not an expert on the subject but I am aware that presently there is a mail in ballot for a $78 pacel tax for 10 years. with approval this will allow San Mateo to due the necesary repairs and improvments. My understanding is Fema has agreed to remove eastern parts of San Mateo from the flood zone if the repairs and imporvements are completed.
At a recent Realtor meeting an insurance broker suggested when buying to request the buyer to transfer his flood insurance policy to you the new buyer. There is a substantial difference between a new policy and a renewed policy.
I apologize for not giviing direct answers to your question but I felt it important to pass on this additional information. The San Mateo County Association of Realtors may be able to give you more concrete informaiton. They could be reached at 650-696-8200.
Good Luck!