(a) Each county board shall maintain flood insurance on each insurable building that it owns and that meets one or both of the following requirements:
(1) The building is within the identified special flood hazard area which is the area on a flood hazard boundary map or a flood insurance rate map that is identified as an "A zone", a numbered "A zone" or an "AE zone" or regulatory one hundred year floodplain and the building has a replacement value that is greater than $300,000; or