Flood zone X classification - Deal Breaker?

[Aniket B.]

Hi folks:

I am looking at a deal where the property falls in Flood zone X as classified by FEMA on FIRMS. Given that I would probably hold the property for at least 5-7 yrs, should I consider the zone X classification a deal-breaker?

I read that areas with a flood risk zone classification of B, C, or X aren't federally required to have flood insurance. Can someone corroborate that as well? 

Thanks in advance,

Ani.