Divide coconut between 2 ungreased 6-oz. custard cups. Drizzle with caramel topping. In a small bowl, whisk the remaining ingredients; pour into custard cups.
Place a steamer rack inside a large skillet. Pour water into skillet until it comes almost to the top of the rack. Place custard cups on rack. Bring to a boil; cover and steam until a knife inserted 1 in. from the edge comes out clean, 10-12 minutes.
Remove cups to a wire rack; let stand 10 minutes. Run a knife around edge of cup. Unmold flans onto dessert plates; serve warm.