A closing that was supposed to happen, didn't. Along the beach areas of Destin, Florida there are several neighborhoods that are in a Cobra Zone. Cobra Zones are insurance zones where the Federal Government will deny flood insurance to home or commercial owners. Flood Insurance is available but only through insurance companies like Lloyds of London and at a high cost. The deal that went south recently had a yearly flood insurance cost of $30,000 per year. That was enough to make this buyer walk. I am now unsure how this bank owned property will ever sell. Of course a cash buyer can buy it at risk and later find this information out. Not one of my buyers, because what I know they know. However, it could happen if the buyer's agent does not do a good job of investigating and disclosing.
Walton County has several Cobra Zones. You can visit this website to see the full list:
Okaloosa County, Florida also has many more Cobra Zones than Walton County does. Walton County, in fact, only has a few zones that fall into this category primarly due to the elevation of the land. It sits pretty high in relative terms to the Gulf of Mexico's floor. Approximately 26 feet in most areas. No basements here, but some really beautiful views of the Gulf of Mexico.
You can learn more about Okaloosa's Cobra Zones by reading this:
FLOOD MAPS AND INFORMATION
The Okaloosa County Department of Growth Management can help you determine if your property is in a Special Flood Hazard Area and also provide you with more flood hazard information. Copies of Elevation Certificates can
also be obtained at these offices. These certificates are required when construction is done in a flood hazard area. The Flood Insurance Rate Maps are available to view at the department offices in Crestview and Ft. Walton Beach. You can contact the department in the Ft. Walton Beach area at (850) 651-7180 or in the Crestview area at (850) 689-5080. The maps and information are also available at the Public Libraries in Crestview, Destin, Mary Esther, Niceville, Valparaiso, and Ft. Walton Beach. The FEMA website is another good source of information on the National Flood Insurance Program. Visit: http://www.fema.gov
Make sure you work with an agent who knows before you buy. Don't waste your time and find this information out on closing day. Know the zones before you look.
Kelly Klein, Buyer's Agent
Lifeguard Real Estate, Inc.
Destin, FL ~ Santa Rosa Beach, FL ~ Panama City Beach, FL