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JonoMarshall
I think you've got to take a general view.
We're near a flood zone and a water management system that runs into a brook. Zurich wouldn't insure due to proximity as the crow flys. Other insurers have been fine. We're a lot higher than the area at risk and as the water management, is... well... managed if it gets to the point that we're flooded we're going to have much greater concerns.
All that said I definitely would never risk being anywhere close to a standing body of water and would always buy on higher ground. Weather is going to get more extreme. Flooding is going to get more common and extreme. Anyone buying near a body of water or in a flood zone should expect that their basement/ground floor and all the objects get destroyed, and be prepared to be uninsurable and that their home could be unsaleable.