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The only times I have done deals with flood insurance.... it turned out that it was only a part of the property.
Call and get some quotes. The insurance agent should be able to explain this better than us.
Check out this site - http://www.floodsmart.gov/floodsmart/
Plug in the address to see what risk the house is at. Then it gives sample rates for the risk zone you are in. I was looking at a house and the rates matched the sample rates given on the site. I was surprised at the cost since it was a small house near a tiny river. That was a deal breaker for me. I believe if your community participates in the national program the rates will be standard so you shouldn't have to shop around much. If you get different rates from different agents, verify they're quoting the correct zone. When I was shopping I had an agent quoting under $300 for a moderate zone when the house was actually in a high risk zone sending the yearly rate closer to $1000. (On top of the standard home owner's insurance you will need.)