I live in Florida and flood zone determinations and costs of flood insurance can vary greatly. The best zone to be in is called an X zone. This is where the National Flood Insurance Program (FENA) will provide you flood insurance up to a value of $225,000. If available one should buy it. It is not that expensive and could very well protect your home if ever needed.
There are other determinations as well Another common one here location is called an AE BFE: 7 zone. This one basically means that the elevation is only 7 feet above sea level and it has a high risk of flooding. Flood insurance will be mandatory unless you can get a LOMA letter or a Letter of Map Amendment to have the elevation evaluated and determined to be actually in a zone X instead.
Even with a LOMA letter and a zone X determination, now the mortgage company will give you a loan on the property, but if you were to get flood insurance on the home it will be very expensive through a private carrier.
It is best when buying a property in Florida to know where you are buying, work with a Real Estate Agent who best knows the area well and then get a free flood determination prior to purchase to make sure you understand your risks and the rewards of living by the water’s edge.