Home in Flood Plain - Deal breaker?

[Braxton Palmer]

Hey guys! I am currently under contract to buy a home in Arizona. The home within close distance to a street that is designated as a flood plain AE which has a 1% of flood annually and is high- risk. Have any of you received quotes for flood insurance? I am asking my ins agent to provide but have heard quotes as low as $500 annually or $10,000 depending on how high above the home is of the Base Flood Elevation (BFE). I got a quote for a survey to get a flood elevation certificate but its $400... not sure if thats worth it yet. Any advice would be greatly appreciated!!