flood insurance: Cobra Zones
- 12/20/10 12:28 AM
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 … (6 comments)
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 … (6 comments)
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