OMG $8000 FLOOD INSURANCE PREMIUM??

[Collette Douglas]

Just reached a purchase agreement yesterday for a SFR in Rhode Island. Built 1880. In AE flood zone. Basement with bulkhead, can't find a flood elevation certificate yet. No claims on file. Just called USAA and was quoted just shy of $8000 for a non owner occupied premium. Someone tell me I have better options. Will be mortgaged, through VA, through USAA. No chance to pay it off any time soon. Is there a company that can underwrite an AE flood policy for wayyyyy less? Would an elevation certificate reduce my premium on a property this old and in an AE zone? HELP. Do I walk away from this deal? The expense would obliterate any potential returns here.