Help minamizing flood insurance cost

[Gilbert Lugo]

hello everyone, 

I’m at my final phase of closing on my first property(multiplex). After doing my analysis, crunching number, and due diligence I get hit with flood insurance which has been on heard of for my location. I’ve asked around and a lot of property even close to the water don’t seem to have it but since the appraiser said that I need it the mortagage company requires it. 

That being said the extra insurance will be hurting my cash flow. Is there anything that I can do to remedy the hit of having to get flood insurance? Also i was told since it’s a multiplex I have to pay the upper premium?

Thank you in advance for your advise.