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Cobra Zones
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:
http://www.co.walton.fl.us/index.aspx?NID=721
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 ... more

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