The first thing you should do is ask the seller for a recent flood elevation certificate. When I say recent I mean one obtained in the past 6 months. It is recommended that sellers order a new cert when they list their home as this is now a common request. An elevation cert costs approx $250. Send the cert to a local insurance carrier that is familiar with flood insurance and they'll give you a quote. Many buyers are taking the higher deductible option to keep the premium down. When I say higher I'm referring to a $5000 vs. $1000 deductible. Big difference in premium. Just a thought.
Flood insurance is required if you're obtaining a mortgage, optional if cash. Still an excellent idea to obtain full insurance with a cash transaction. Another thing you may want to consider is installing flood vents which will also bring your premium down. Rates are scheduled to have slight increases over the next four years but by taking my advice above you'll be able to live with these small increase. All the best! Bob Sutton. Manager of Berkshire Hathaway Home Services Fox & Roach in Brigantine.