I cannot speak about laws in Florida. I am a California Insurance Agent only.
In Califronia, I am not aware of a "legal" requirement to own flood insurance. However, if you are in a special high risk flood zone (AKA most true beach properties) - then all mortgage lenders (that I know of) will require you to get flood insurance.
Flood Insurance is available in a federal max limit of up to $250K in building coverage. This amount may be enough to satisfy the mortgage company. It is possible that a lender could requiere more than this, in which case you would work with the private market.
In general flood insurance in these zones is not cheap and may be a major consideration when deciding to purchase a property such as this.
Please see a licensed insurance agent in your jurisdiction whenever deciding on insurance.
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