Not just selling shore homes, selling a shore way of life. Your resource for the best homes, hotspots, & happenings in Margate, Ventnor, & Atlantic City.

Friday, April 30, 2010

HOMES DO SELL AT OPEN HOUSES - COME TO OURS THIS WEEKEND!!!




Summer really is just around the corner.  Temperatures are predicted in the 80's this weekend and properties are selling like crazy!!! 


CONGRATULATIONS to two of our beach block listings from our "SPRING FLING Open House EXTRAVAGANZA" from March 21, that settled THIS week:


105 S. Newport Avenue - Representing BUYER AND SELLER


118 S. Sacramento Avenue -  Representing SELLER


Homes DO sell as a result of Open Houses!!!


So come down this weekend and checkout our 11 Open Houses!!!


Saturday, May 1 from 12pm-2pm


5601 Edgewater Avenue, Ventnor


THE DORSET BRIDGE HAS RE-OPENED!!!


This charming 3 BD 2 BA rancher is a bright, sunny & spacious residence on a corner lot with exterior highlights including a front porch, patio, fenced yard,attached 1.5 car garage & 3 car parking pad. Inside the home has been professionally decorated featuring a large living room, spacious eat- in kitchen, largemaster bedroom suite and an expansive laundry room & pantry. The home has central A/C and is located on a beautiful block directly across from the canal and walking distance to the beach. $279,000


Saturday, May 1 from 12pm-2pm


227 N. Clarendon Avenue, Margate


WOW! That is just what you will say when you walk through this newly renovated 2 BD 1 BA beach home located on a huge corner lot. Professionallydecorated & offered fully furnished as an option, this charming & stylish home features hardwood floors, huge eat in kitchen w/granite center island & largedining room (that could be converted into a den or guestroom). Don't miss the new bath, flat screen TVs, front porch, expansive back deck, fenced yard, new C/A, new carpet, shed & 2 car parking. JUST MOVE IN! $399,000


Saturday, May 1 - 12-2 PM


4 S. Iroquois Avenue, Margate


This immaculate Southside custom built home offers every amenity for the discriminating Buyer. The contemporary open floor plan features a great room w/state of the art theater w/surround sound & custom built-ins flowing into the expansive eat-in gourmet kitchen w/granite countertops, Sub-Zero refrigerator, Miele dishwasher & Dacor stove/oven w/warming drawer. The 2nd floor master BD suite includes a private sauna & deck w/ocean views. Other features are: fenced yard, garage, porch & rear deck - both covered. $825,000


Saturday, May 1 - 12-2 PM


9717 Beach Avenue, Margate


Treat yourself & your loved ones to the ultimate beach getaway, in this contemporary direct ocean front 3 BD 2.5 BA townhome. Located on the border of Margate & Longport, w/incomparable ocean views the home features a custom kitchen equipped w/ Miele appliances & granite counters, wet bar, 2nd storydeck off the master bedroom suite & a large ocean front patio w/ direct private access to the beach. The home has been extremely well maintained by thecurrent owners including a new bulkhead & roof. $1,099,000


Sunday, May 2nd 11-1PM


103 S. Newport Avenue, Beach Block, Ventnor
Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boasts unparalleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newly renovated kitchen is equipped w/ S/S appliances & granite counters, while the master suite affords privacy, unrivaled comfort along w/ocean views. Other highlights includes an oversized garage & multiple decks. $1,450,000


Sunday, May 2nd 12-2PM


100 S. Newark Avenue, Beach Block, Ventnor, NJ




Spacious & sunny this immaculate beach block masterpiece has it all! With 5 BD & 4.5 BA, this home features fabulous unobstructed ocean views from 2large decks. The expansive open floor plan w/living room, dining room & huge open kitchen w/HW floors through out all flow effortlessly into one another. There are BDs on the lower floors as well as a breathtaking master bedroom suite w/vaulted ceiling, custom bath & large deck w/ocean views. Other features include a fireplace, 2 laundry rooms & custom built-ins. $1,550,000


Sunday, May 2nd 12-2PM


4800 Harbour Beach Blvd. Unit #2102, Brigantine


Only at the Cloisters, one of Brigantine’s premier ocean front Condominium, will you find this 1600 sq ft 2 BD 2BA condo perfect for entertaining and beingsold fully furnished! Fine details include a spacious living room/dining room/great room with gas fireplace,an oversized eat-in kitchen, a master bedroom suite, and a private deck with oceanviews. Amenities included elevators, covered parking and a heated pool. Low condo fees and PET FRIENDLY TOO! An easyto walk to the beach! $439,000


Sunday, May 2nd 12-2PM


105 N. LancasterAvenue, Margate


This elegant Nantucket style home was built w/ attention to detail & Old World craftsmanship. Renovated & expanded this 4 BD 3.5 BA home has interiorfeatures such as detailed built-ins, original wide plank hardwood floors, loft area & a fireplace in the dining room. The sleek uncluttered kitchen has granitecounter tops & a sunny breakfast room. Outside there is a large deck w/retractable awing & huge fenced yard. Other amenities include master BD suite,detached garage, walk up attic & outdoor shower. $775,000


Sunday, May 2nd 12-2PM


4503 Winchester Avenue, Lower Chelsea, Atlantic City


GREAT BUY!!! Located in the highly desirable Lower Chelsea section of AC, sits this historic 4 BD, 2.5 BA home just a few blocks to the beach. Interiorhighlights include original stain glass windows, H/W floors, wood burning fireplace & an expansive sun porch w/water views. The large eat-in kitchen has sliding doors that lead to a deck perfect for outdoor entertaining. 1st floor also has a spacious family room. There are 4 BDRMS on the 2nd floor & a hugedeck that boasts breathtaking bay views. $395,000


Sunday, May 2nd 2-4PM


101 S. Quincy Avenue, Parkway Beach Block, Margate


Within this distinguished Parkway Colonial home one will find a welcoming ambience that is suited to the best of beach block living. This 4BD 3BA homeboast large rooms with an easy flow, and a newly renovated kitchen to meet all the demands of a modern lifestyle. The home sits majestically upon anoversized 75x90 lot and the extensive grounds includes a massive wrap around porch with ocean views, and a patio off the dining room for outdoorentertaining. $1,575,000

Friday, April 23, 2010

ANOTHER SPRING WEEKEND - 7 MORE GREAT OPEN HOUSES!!!




With the temperatures in the 60's in the coming weekend, people are piling in the car and heading for the shore. Please think of us and head over to any or all of our 7 great Open Houses!


Saturday, April 24 - 12-2 PM


Anchorage Point, 1 Neptune Drive, EHT, NJ



This beautiful townhouse, just outside of Longport enjoys all the privacy of Bay front living with unobstructed water views & magnificent sunsets. This completely custom 4BD 3.5 BA townhouse features a great room with soaring ceilings, a fireplace, top-of-the-line granite kitchen all flowing to a spectacular oversized deck. Other highlights 2 master suites, hardwood floors, 3 decks, enclosed garage and a 50’ boat slip w/floating dock w/ water & electric. The perfect summer getaway or year round home!!! $509,000


Saturday, April 24 - 12-2 PM

100 S. Newark Avenue, Beach Block, Ventnor, NJ


Spacious & sunny this immaculate beach block masterpiece has it all! With 5 BD & 4.5 BA, this home features fabulous unobstructed ocean views from 2large decks. The expansive open floor plan w/living room, dining room & huge open kitchen w/HW floors through out all flow effortlessly into oneanother.There are BDs on the lower floors as well as a breathtaking master bedroom suite w/vaulted ceiling, custom bath & large deck w/ocean views. Other features include a fireplace, 2 laundry rooms & custom built-ins. $1,550,000



Saturday, April 24 - 12-2 PM


423 Bay Avenue, Somers Point, NJ


FIRST TIME HOME BUYERS ALERT!!! Best location, large lot, and PRICED TO SELL!!! This 3BD 1BA rancher is located on a favored street in thecharming town of Somers Point and it is in the heart of the marina district. Prospective Buyers will appreciate the home’s large living area with open kitchenand has central A/C. Outdoors the property features a large deck perfect for entertaining, a storage shed, and a huge 64 x 87 lot. $185,000


Sunday, April 25th - 12-2 PM
7 S. Cambridge Avenue, St. Leonard's Tract, Ventnor


Comfort & Convenience. Spacious & Sunny. These are just a few of the words that best describe this 6 BR, 4 BA St. Leonard's Tract South Side beach home. Relax under the awning on the flag stone porch after a day at the beach, just 1 block away. Take advantage of the 50x 125 lot size and have a party in thehuge backyard. Interior highlights include hardwood floors, 1st floor bedrooms, new multi-zone HVAC, new carpet & new windows. Professionally landscaped & the new vinyl fence gives the extra curb appeal. $699,000


Sunday, April 25 - 12-2 PM


5601 Edgewater Avenue, Ventnor Heights
THE DORSET BRIDGE HAS RE-OPENED!!!


This charming 3 BD 2 BA rancher is a bright, sunny & spacious residence on a corner lot with exterior highlights including a front porch, patio, fenced yard, attached 1.5 car garage & 3 car parking pad. Inside the home has been professionally decorated featuring a large living room, spacious eat- in kitchen, largemaster bedroom suite and an expansive laundry room & pantry. The home has central A/C and is located on a beautiful block directly across from the canaland walking distance to the beach. $279,000


Sunday, April 25, 12-2 PM
105 N. LancasterAvenue, Margate


This elegant Nantucket style home was built w/ attention to detail & Old World craftsmanship. Renovated & expanded this 4 BD 3.5 BA home has interiorfeatures such as detailed built-ins, original wide plank hardwood floors, loft area & a fireplace in the dining room. The sleek uncluttered kitchen has granitecounter tops & a sunny breakfast room. Outside there is a large deck w/retractable awing & huge fenced yard. Other amenities include master BD suite,detached garage, walk up attic & outdoor shower. $775,000


Sunday, April 25, 12-2 PM
Franklin House Ocean View Town Homes (Only 2 Left!)
7815 Atlantic Avenue, Margate



The residence at “The Franklin House” Ocean view Townhouses redefines excellence. These residences offer a Shore living experience that is unparalleled in Margate. Each 3 BD 4BA unit features a unique designer layout, named “The New Model for Margate” for its superior design & construction by architectRobert Kiedjan. Highlights include 4 private balconies, elevator, 2 gas fireplaces, oak & pecan hardwood floors, custom kitchen w/granite counter tops & SubZero & Wolf appliances, central vac & 2 car garage. $925,000








Monday, April 19, 2010

Choosing the Right REALTOR® : Part Two....


Last month I provided Buyers with a set of guidelines for selecting a REALTOR® to assist in a home search. I hope that those guidelines made the process of choosing a REALTOR® easier.



It is best to make a commitment to work exclusively with just one REALTOR®. As your designated “Buyer’s Agent”, your REALTOR® will be your “eyes on the street”, constantly scouting for properties matching your criteria, emailing you new listings as they come on line; and watching for price reductions of properties you have seen and liked. You will also be the first person notified when a hot new property that meets your specifications hits the market, giving you the edge over the non-represented Buyers.



Some REALTORS® may ask you to formalize this arrangement by signing an “Exclusive Buyer’s Agent Agreement” in the same way as listing REALTORS® sign formal listing agreements with Sellers. It is important to understand that this agreement is “bi-lateral”, meaning a promise for a promise, so if you feel that the REALTOR® is not meeting your expectations, you can cancel the agreement at any time.


So why would a REALTOR® want a commitment from Buyer? With all due respect, REALTORS® are not taxi drivers. They don’t just love driving people around looking at houses on a Sunday afternoon only to have the Buyer call another REALTOR® the following week to look at another set of houses. REALTORS® do enjoy your company and enjoy showing houses, however, it truly not a productive use of time or gas if you have no allegiance or commitment to their services. While this does not occur frequently, it does happen.


With or without a Buyer’s Agent Agreement, the relationship between REALTOR® and Buyer must be based upon excellent communication, and a mutual level of trust and confidence.


Once you have found the REALTOR® you are most comfortable with, and assuming you have “done your homework”, you are ready to visit properties on a tour specifically designed to meet your requirements. Hopefully, the REALTOR® you chose will follow these steps for your first tour:


1. Listen to what you are looking for in a home, regarding features, location, price and condition, and take you to these type of properties exclusively.


2. Preview all of the properties ahead of time, and be familiar will the history of each listing, (days on market, price changes, etc.) in order to answer most of your basic questions.


3. Select a manageable number of properties for review prior to the tour so that you can prioritize.


4. Conduct a planned route of properties, timed so that you are not exhausted or overwhelmed at the end of your tour.


5. Provide a tour package with a detail sheet for each listing, so you can take this information with you at the end of your day.


6. Leave ample time at the end of the tour to help you organize, review, summarize and plan the next step based upon the result of the properties seen that day.


This process may be repeated as needed, but if the REALTOR® truly understands your needs, it will be a process of elimination from the original group over the course of the search.


Once your ideal property has been identified, the same skills required of a Listing REALTOR® must be employed by your Buyer’s Agent. Comparative market analysis data will be vital in a Buyer’s decision of how much to offer for the selected property. Knowledge of recent sales and current inventory will be the REALTOR’S® tools in guiding their Buyer’s decision making. The Buyer and the REALTOR® will work together to obtain the best value for the property that has been chosen.


Comments? Questions? I would be delighted to hear from you on this or any other subjects related to Real Estate: MarkArbeit@aol.com. Please also feel free to review my listings or search all the available listings at the shore using my web site at MarkAtTheShore.com.



Saturday, April 17, 2010

BEAT THE SUMMER RUSH - COME TO OUR OPEN HOUSES TODAY!




There has been no shortage of Buyers at the shore in recent weeks.  As predicted, the pent up demand has given way to a fervor of sales.  Shore lovers considering "one more summer of renting" are realizing that now IS the time to buy.

So take a trip to the shore on this beautiful weekend and visting one of our 5 terrific Open Houses:


Saturday, April 17 - 12-2 PM
115 N. Brunswick Avenue, Margate, NJ
This 5 BD 2 BA cape cod house has all the potential to be the perfect summer getaway or year round home. Ready to be renovated, this charming homestands high in the middle of the lot w/original wood shingles, large front porch & awning. Inside there are hardwood floors in the living room, a spacious eat-in kitchen, with 2 large BDs & a full BA on the 1st floor. Upstairs you'll find 3 more BDs, a large storage closet and a 2nd full BA. Close to the beach & the boardwalk too! $325,000


Saturday, April 17 - 12-2 PM
506 Lazy Lane, Absecon, NJ
Nestled in the wooded sanctuary of Absecon on the Bay, you will find this one of a kind executive estate custom built to include every possible amenity. This 6 BD home boasts a soaring entrance hall w/marble flooring, custom paneled living room & library, music room, gourmet kitchen & great room which overlook a spectacular 18 x 36 heated indoor pool w/a retractable enclosure. This unique home features private wings, home gym and a 3 car garage. $598,000


Sunday, April 18 - 11-1 PM
Anchorage Point, 1 Neptune Drive, EHT, NJ
This beautiful townhouse, just outside of Longport enjoys all the privacy of Bay front living with unobstructed water views & magnificent sunsets. This completely custom 4BD 3.5 BA townhouse features a great room with soaring ceilings, a fireplace, top-of-the-line granite kitchen all flowing to a spectacular oversized deck. Other highlights 2 master suites, hardwood floors, 3 decks, enclosed garage and a 50’ boat slip w/floating dock w/ water & electric. The perfect summer getaway or year round home!!! $599,000


Sunday, April 18, 12-2 PM
103 S. Newport Avenue, Beach Block, Ventnor, NJ
Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boasts unparalleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newly renovated kitchen is equipped w/ S/S appliances & granite counters, while the master suite affords privacy, unrivaled comfort along w/ocean views. Other highlights includes an oversized garage & multiple decks. $1,450,000


Sunday, April 18, 12-2 PM
7100 Ventnor Avenue, Ventnor, NJ
It's all about the details. This 4 BD 2.5 BA South side home located just 2 blocks to the beach offers an abundance of old world charm as well as comfortable shore house living. A gracious living room w/fireplace, an elegant dining room w/spectacular built ins that flows into an eat in kitchen highlighted byhandmade French tile & hard wood floors through out the house are among its most treasured details. Equally enjoyable is the outdoor cabana with barrel tile roof & paver patio for barbecues & parties.

Thursday, April 8, 2010

NATIONAL OPEN HOUSE WEEKEND AT THE SHORE!


This coming weekend is NATIONAL OPEN HOUSE WEEKEND!!!  The weather all week at the shore has been terrific and the weekend will be beautiful.   We are hosting 9 great Open Houses this weekend so please come by and see us!




Saturday, April 10, 11-1PM
103 S. Newport Avenue, Beach Block, Ventnor
Tranquil & serene; sunny & spacious, best describes this newly renovated contemporary beach block home. This 5 BR, 3.5 BA beach getaway boast sun paralleled ocean views, a 2 story great room featuring custom cabinetry & gas fireplace & huge DR perfect for people who love entertaining. The newlyrenovated kitchen is equipped w/ S/S appliances & granite counters, while the master suite affords privacy, unrivaled comfort along w/ocean views. Other highlights includes an oversized garage & multiple decks.
$1,450,000

Saturday, April 10, 12-2PM
108 S. Philadelphia Avenue, Beach Block, Ventnor
 Aptly named The House of Seven Gables, this former English Tudor is being transformed into the quintessential beach block home w/ important ocean viewsfrom every room. This open plan masterpiece with a “California Flair”, features 4 BDs including a vaulted master BD suite & a 1st floor bedroom suite, 4 beautifully appointed on-suite Bas, cathedral ceilings throughout the second floor, multiple decks, state of the art chef’s kitchen, a bonus playroom & a private courtyard. Completion Scheduled by Mid-May. $1,799,000 


Saturday, April 10, 12-2 PM         
Franklin House Ocean View Townhomes,
7815 Atlantic Avenue, Margate
ONLY 2 LEFT!!!
The residence at “The Franklin House” Ocean view Townhouses redefines excellence. These residences offer a Shore living experience that is unparalleledin Margate. Each 3 BD 4BA unit features a unique designer layout, named “The New Model for Margate” for its superior design &construction by architectRobert Kiedjan. Highlights include 4 private balconies, elevator, 2 gas fireplaces, oak & pecan hardwood floors, custom kitchen w/granite counter tops & SubZero & Wolf appliances, central vac & 2 car garage. $925,000 


Saturday, April 10, 12-2PM
7 S. Cambridge Avenue, St. Leonard's Tract, Ventnor
Comfort & Convenience. Spacious & Sunny. These are just a few of the words that best describe this 6 BR, 4 BA St. Leonard's Tract South Side beach home.Relax under the awning on the flag stone porch after a day at the beach, just 1 block away. Take advantage of the 50x 125 lot size and have a party in thehuge backyard. Interior highlights include hardwood floors, 1st floor bedrooms, new multi-zone HVAC, new carpet & new windows. Professionally landscaped & the new vinyl fence gives the extra curb appeal. $699,000

 
Saturday, April 10, 2-4PM
1 Neptune Drive, Egg Harbor Township
This beautiful townhouse, just outside of Longport enjoys all the privacy of Bay front living with unobstructed water views & magnificent sunsets. This completely custom 4BD 3.5 BA townhouse features a great room with soaring ceilings, a fireplace, top-of-the-line granite kitchen all flowing to a spectacular oversized deck. Other highlights 2 master suites, hardwood floors, 3 decks, enclosed garage and a 50’ boat slip w/floating dock w/ water & electric. The perfect summer getaway or year round home!!! $549,900


Sunday, April 11, 11-1PM
105 N. Lancaster Avenue, Margate
This elegant Nantucket style home was built w/ attention to detail & Old World craftsmanship. Renovated & expanded this 4 BD 3.5 BA home has interiorfeatures such as detailed built-ins, original wide plank hardwood floors, loft area & a fireplace in the dining room. The sleek uncluttered kitchen has granitecounter tops & a sunny breakfast room. Outside there is a large deck w/retractable awing & huge fenced yard. Other amenities include master BD suite, detached garage, walk up attic & outdoor shower. $775,000


Sunday, April 11, 12-2PM
6 S. Cornwall Avenue, St. Leonard's Tract, Ventnor
Once in a great while a remarkable property comes along. This meticulous well appointed ranch estate is nestled in the heart of St. Leonard's Tract on one oflargest single lots on the island (75x125) & just a block & a half from the beach. Its lush gardens & mature landscaping offers total sanctuary & privacy to itsowners with its backyard oasis that includes a free form in-ground pool & large separate guest house w/full kitchen, living quarters & bathroom. Gracious yetcomfortable this home has it all. $1,199,000



Sunday, April 11, 12-2PM
7805 Bayshore Drive, ON THE OPEN BAY, Margate
Extraordinary elegance pervades this 6 BD 4.5 BA estate situated on Margate’s open bay. The gracious design & dramatic scale of the home offers over 6500sq ft & is a superb example of classic beauty & grand proportion. The stately residence affords gracious living in the soaring great room, spacious diningroom, & 2 master suites. A pleasing breakfast room adjoins a gourmet kitchen featuring Viking & Sub Zero appliances. Grand amenities continue w/3fireplaces, sound system & 1500 sq ft of bay front deck. $2,950,000

Sunday, April 11, 2-4PM
227 N. Clarendon Avenue, Margate
WOW! That is just what you will say when you walk through this newly renovated 2 BD 1 BA beach home located on a huge corner lot. Professionally decorated & offered fully furnished as an option, this charming & stylish home features hardwood floors, huge eat in kitchen w/granite center island & large dining room (that could be converted into a den or guestroom). Don't miss the new bath, flat screen TVs, front porch, expansive back deck, fenced yard, new central air conditioning, new carpet, shed & 2 car parking. JUST MOVE IN! $425,000

Tuesday, April 6, 2010

Flood Insurance - Frequently Asked Questions




Those of use who live on the shore are have lots of questions concerning the NFIP Reauthorization. 
Thanks to Sue White, from Bollinger Insurance Solutions, we have some answers to frequently asked questions:


1. How does the “hiatus” in authority for the NFIP affect me and how long will it last?

Most of the 5.6 million flood insurance policyholders nationwide will not be affected. Policies that are in force will remain in force, and claims under those policies can continue to be paid after March 28, 2010. However, during the hiatus there are limits on our ability to issue new policies, issue increased coverage on existing policies, or issue renewal policies. The limited interruption is of concern to property owners who need to renew policies that were not renewed prior to the end of the 30-day grace period, homebuyers who must purchase flood insurance as a condition for obtaining mortgages from federally regulated lenders, and property owners refinancing existing mortgages who must purchase or renew coverage. The hiatus is expected to be brief. We are doing everything we can to communicate with our insurance and lending industry partners to see that this issue is resolved with as little disruption of insurance operations as possible.


2. Has this lapse in Congressional authority for the NFIP ever happened before? Did Congress make the reauthorization retroactive before?
Yes, there have been several lapses in authority for the NFIP in the past. In most of those cases, Congress reauthorized the NFIP retroactively.


3. If I purchased flood insurance coverage, as required by my federally regulated lender, for a loan closing on or before March 28, 2010, will my policy be issued?
If the premium payment was part of the loan closing and made from the escrow account (lender’s check), title company, or settlement attorney, and is received by the insurance company within 30 days from the closing, the policy will be issued. If the premium was not part of the closing, meaning the borrower wrote his/her check at or before closing, both the application and premium must be received within 10 days of the closing date, in order for the policy to be issued.


4. If I purchased flood insurance coverage on or before March 28, 2010, but was not required to do so by my lender, will my policy be issued?
If the application and premium payment were made prior to March 29, 2010, and are received within 10 days from the application date, the policy will be issued.


5. My flood insurance policy is set to expire on April 1, 2010. I received my renewal notice on March 1, 2010, but did not send my payment to my insurance company until March 28, 2010. Will my insurance policy be renewed?
Yes. As long as the renewal notice was issued prior to March 29, 2010, and the payment is received before the end of the 30-day renewal grace period, the company is authorized to renew the policy. NOTE: Effective March 29, 2010, insurance companies are no longer authorized to issue renewal notices until Congress reauthorizes the program.


6. I have a loan closing on April 1, 2010, and have been told by my lender to purchase flood insurance before settlement. Will I be able to purchase a new flood insurance policy?
Insurance companies cannot issue new flood insurance policies for loans closing on or after March 29, 2010, until the NFIP is reauthorized, unless the application and presentment of premium were made on or before March 28, 2010, and the application and premium payment were received within 10 days of the closing date. In this case, the new policy may be issued with a requested effective date on or after March 29, 2010. For applications and premium payments made on or after March 29, 2010, it is recommended that the companies hold new applications and premium payments for processing until the reauthorization is received. If Congress retroactively reauthorizes the program, then these policies may be issued with effective dates as early as March 29, 2010. If Congress does not retroactively reauthorize the program, the earliest effective date for these policies will be the date the NFIP is reauthorized.


7. If I suffer a loss during this hiatus, will my claim be paid?
Claims for existing policies and for new policies issued based on applications and premium payments made prior to the hiatus are not affected, and the claims will be processed. Claims for new policies where the premiums were received and held by the company during the hiatus will not be paid until Congress reauthorizes the NFIP. However, your insurance company can proceed with investigating your claim under a “non-waiver” agreement, up to the point of payment. Under the “non-waiver” agreement, the company would reserve the right not to pay the claim if Congress does not reauthorize the NFIP.


8. What happens if my premium for a new policy or an endorsement for added coverage is received by the company after March 28, 2010, and I suffer a flood loss before Congress reauthorizes the Program?
If the application or added-coverage endorsement and premium payment were made on or before March 28, 2010, and were received by the company within 10 days of the date of application or endorsement and premium payment, the policy or coverage increase will be effective on the applicable date, based on the NFIP waiting-period rules. Claim payments can be made for these policies for losses occurring during the period that the coverage is in force. For applications or endorsements and premium payments made on or after March 29, 2010, the NFIP has suggested that the insurance companies hold premium payments for new or increased policies received during the hiatus. Claim payments for losses suffered during that time cannot be made until Congress retroactively extends the NFIP authority. However, your insurance company can proceed with investigating your claim under a “non-waiver” agreement, up to the point of payment. Under the “non-waiver” agreement, the company would reserve the right not to pay the claim if Congress does not reauthorize the NFIP.


9. I have a mortgage loan closing early April, and the lender has told me I have to have flood insurance at closing. What will happen if my premium and application were not received by my insurance company by March 28, 2010?
If the application and premium payment are dated on or before March 28, 2010, and are received by the company within 10 days of the date of application and premium payment, the policy will be issued. If the application and premium payment are dated on or after March 29, 2010, it is expected that your premium will be held by your insurance company in order that your policy can go into effect at the earliest possible date. If reauthorization to issue flood insurance policies under the NFIP is granted retroactively, your policy will be issued effective as of the date of the closing of your loan.


10. If my premium was in the mail, with a postmark before March 28, 2010, did I meet the deadline?
The controlling factor is receipt of the premium by the insurance company, not the postmark. However, if your premium payment is mailed by certified mail or third-party delivery services such as Federal Express (FedEx), United Parcel Service (UPS), and courier services and the like that provide proof of mailing, the premium receipt date is the postmark date or the third-party receipt date.


11. If I suffer a loss during the hiatus, and I met the March 28, 2010, deadline, will I be covered for the loss?
If, based on the waiting period rules of the NFIP, your coverage was in effect at the time of the date of loss, you would be covered. See Question 16 for details about the 30-day waiting period.


12. What happens if my premium payment for a policy renewal was received by the company after March 28, 2010, and I suffer a flood loss before Congress reauthorizes the NFIP? Will I be covered?
If the renewal premium was received prior to the end of the 30-day renewal grace period, the policy will be renewed without a lapse in coverage and coverage will be in effect at the time of the loss. (Note: A 30-day waiting period applies to policies for which premium payments were received after the 30-day renewal grace period.) For renewal premiums received after the end of the 30-day renewal grace period, the NFIP has suggested that the insurance companies hold in abeyance renewal premium payments received during the hiatus. Claim payments for losses suffered during that time cannot be made until Congress retroactively extends the NFIP authority. However, your insurance company can proceed with investigating your claim under a “non-waiver” agreement, up to the point of payment. Under the “non-waiver” agreement, the company would reserve the right not to pay the claim if Congress does not reauthorize the NFIP.


13. My policy was up for renewal in late March. Was my policy renewed?
If your renewal premium payment was received by your insurance company on or before March 28, 2010, or received prior to or within the 30-day renewal grace period, your policy was renewed. You should check with your insurance agent to make certain your policy was renewed. If your renewal premium payment was received by your insurance company on or after March 29, 2010, and after the end of the 30-day renewal grace period, your policy will not be renewed until Congress extends the NFIP authority. The effective date of the renewal will depend on the date of the extension of NFIP authority, whether or not the reauthorization is retroactive, and the application of the 30-day waiting period.


14. What happens if Congress does not make reauthorization retroactive to March 28, 2010?
Policies unable to be issued or renewed under the above provisions that are without a 30-day waiting period would become effective on the date the reauthorization is effective. Policies with a 30-day waiting period would become effective 30 days after Congress has reauthorized the NFIP.


15. What happens if the hiatus is lengthy?
If authorization is not granted within a reasonable period of time, premium payments will have to be refunded and the NFIP will not be able to issue the policies paid by premiums held in abeyance.


To contact Sue White, Private Client Advisor
856-205-7466 office
609-425-2078 cell
856-273-3663 fax
sue.white@bollingerinsurance.com