Had we bought this flip in a flood zone, we could have had a huge setback. We purchased our first home in 1992 and it was not in a flood zone. Flood insurance was required of course and was much higher by this time. We will be looking into buying rentals next and will probably buy flood insurance regardless. We pay less than $500/year for flood insurance on our current home - a small price to pay compared to the potential losses of a flood.