We are purchasing a home, it's flood zone x with a tiny corner of the lot in AE.  Mortgage company is requiring that we have flood insurance, no problem I'll just assume the previous owner's insurance.  The previous insurance is halfway through the billing period and can't put a full year on the policy starting on the closing date, you have to just pick up in the middle of the policy year with about 6 months remaining.  Mortgage won't fund without the full year, so I'm getting quotes from other providers which will not be grandfathered in.  Obviously those are coming in much higher.

What are my options?

Can I have two policies at the same time, and cancel the new one once the grandfathered one renews?  I'm not from here, this is all crazy to me.  I feel like one of them can budge, just not sure how to take it on.

When I sold my home in 2023, my flood was canceled on the closing date and new owners started a new policy. There was no assuming a current policy.

The existing policy is assumable (is that a word?), but not for a full year.  We had already arranged to assume it until the mortgage guys raised a stink.