Derek is correct. As a lakefront specialist in Connecticut, I have only sold one property which was required by the lender to be covered by a flood insurance although the previous owner has not paid it in the past.
You can however dispute or at least try to dispute this by getting an elevation certificate from an engineer. This may cost you a few hundred dollars but the potential savings could be in the thousands annually.
There is nothing like living by the water. It offers the most ideal respite if you are yearning for tranquility and serenity. If peacefulness of the water is what you are looking to buy, make sure that the lake is restricted to non motorboats.