Wednesday, February 15, 2017

Demotech suspends their Florida Insurance rating model and warns that 10 -15 of their 57 rated property insurance carriers writing in Florida will be downgraded.


Okay, what does this mean, and who the heck is Demotech?

To understand who Demotech is and why this is significant, one needs to understand what it means to have an A rated Insurance company.

Before the Florida property Insurance crises, companies were typically rated 'A', 'B', 'C', or not issued a rating by a company called AM Best, a company with the purpose is to review insurance carriers and offer an independent review of their finances and operations as it relates to their ability to meet their obligations. If your carrier was not A rated, it was generally unacceptable by Mortgage companies.

After Hurricaine Andrew, most companies left Florida. Those remaining were not "A" rated by AM best, including major companies subsidiaries like State Farm and Allstate who had formed subsidiaries for Florida only.

Demotech is an alternative rating company that came in and in some opinons, gave A ratings to companies that did not earn it. In fact, some Florida companies with demotech A ratings have gone bankrupt. However the mortgage companies generally accepted this rating because, well, these were typically the only companies writing property insurance in Florida and of course they did want to sell mortgages to Florida homeowners. it remains a touchy situation.

Fast forward to 2016 which had volatile weather and has caused Demotech to have concern for some of the 57 carriers they rate. in addition, major court cases unfriendly to insurance companies has caused Demotech to rethink their rating model:

"Recent Florida Supreme Court decisions and ongoing abuse in Florida’s insurance market have led Demotech to change the criteria it uses when rating insurers in the state. The announcement comes as insurers get ready to announce their 2016 annual reports that could indicate unfavorable results for many.....[2016 catastrophes] eroded their surplus and after that had been eroded there was the Johnson and Sebo cases,” he said. “No one is in danger of going under, but that being said we have standards that are higher than just not going under.”

So what does this mean? It means that some property (homeowner) companies are not as financially healthy coming into 2017 as they were in 2016, and Demotech will be publishing a list of these companies they will downgrade.

We will publish that list here when it comes available. While we as an agency have no faith in Demotech's ability to predict financial stability, we do take notice when they downgrade a company. It's as if the teacher in school gives out almost all A grades, but gives one kid a C, it causes one to wonder just how bad the kid with a C performs.

If your company shows up on this list, you may run into issues with your bank accepting it. We are in a position to help you here, because we represent many homeowner Markets. Call us at 352-686-0612 if you find yourself in this situation.

ISU Bauknight Insurance operates two Counties in Florida, Hudson, FL (727) 863-5641 and ISU Bauknight Insurance, 10488 Spring Hill Drive, Spring Hill, Fl 34607 (352)-686-0612. They also offer coverage throughout Florida on their website or by calling them direct.

Thursday, September 22, 2016

Man's house hit 17 sepearate time by cars

Wednesday Weird News:
Man's house hit by cars 19 times
Fox 5 news, San jose California reported on September 15, 2016 that:
A car crashed into Ray Minter's San Jose home on Monday night. For Minter, it's nothing new. He says it is the 19th time a car has hit his home.
He's lived in the house since the 1950s. He says among the crashes, cars have ended up inside his home four times.
He says this latest crash is one of the worst. He estimates the car was going at least a 100 miles per hour when it went through his fence, two concrete poles and into the garage. It crashed into his Honda Accord.
"First one shocks you. And then, after that, as long as nobody in the house is hurt, you don't care because then everything's gonna get repaired," Minter says.
Minter and his mother were in the house at the time of the accident. They were not hurt but Minter's cat is missing and feared dead.
Minter says the driver in this latest crash appeared to heavily intoxicated by was uninjured.
"We just stay in the back of the house and [laughs] watch everything," Minter says. "Maybe put a ski ramp or something, I don't know."
ISU Bauknight Insurance operates two Counties in Florida, Hudson, FL (727) 863-5641 and ISU Bauknight Insurance, 10488 Spring Hill Drive, Spring Hill, Fl 34607 (352)-686-0612. They also offer coverage throughout Florida on their website or by calling them direct.

Wednesday, September 14, 2016

Reflections of Hurricane Hermine
So after 10 years of no major storm, Florida was guest to a relatively small and weak category 1 hurricane with sustained winds of 55 mph and gusts up to 80 mph, Hermine. By comparison, Hurricane Andrew had sustained winds of 165 mph and pushed with many devastating tornadoes accompanying the storm. Furthering our "luck", it made landfall in St. Marks, a town of 300, avoiding major population areas such as Tampa Bay. Still, here is what the aftermath looks like:
~ 253,000 Floridians had their power knocked out
~ Coastal residents evacuated
~ over 10 inches of rain with storm
~ Hermine caused coastal Flooding in pasco, Hernando,Citrus Levy, Dixie, And taylor counties
~ 75 MPH winds all the way down in Pinellas county, 6 counties from landfall
~ state of emergency declared in 51 Florida Counties
~ One death
~Massive Sewage spills due to overwhelming sewer plants, causing spills thruought the West Coast of Florida and causing over 100,000 gallons of untreated sewage to be dumped into Tampa Bay alone.
All of this caused approximately 500 milion dollars in insured damage and economic damage exeeding 1 billion dollars.
Locally, We had houses flooded with up to a foot of water in Hernando Beach and Pine Island, Hudson and New Port Richey, and our office fielded several hundred call for wind damage, mostly minor.
What does this mean for Florida when we get a really big storm? The outlook isn't good for either property and business losses. few final points:
Flood is never covered by your homeowner insurance, you need a seperate policy,and as this huricane taught us, Flood damage can be much much worse than wind, and can accompany relatively minor storms.
One thing to definitely keep in mind is that during a named storm, including a tropical storm, your wind deductible changes to a percent of how much insurance your carry, usually 2%, 5%, or 10% with 2% the most common election made by our clients. If you are confused about this, call us for a review before it takes you by surprise. but as an example, if you insure your home for $250,000 and you have a 2% named storm deductible, all wind losses under 5000 will be your responsibility. This is a compromise, an agreement we have made to self insure small named storm losses as citizens of Florida to help keep our homeowner insurance industry active and engaged with us.

Wednesday, August 17, 2016

Pokeman lawsuit makes it to the Insurance Journal.

http://www.insurancejournal.com/news/midwest/2016/08/15/423286.htm


So here is a Wednesday weird one. Couple sues Pokeman for creating a hazard on their property. This made the Insurance Journal. "In one instance, when Gotts-Dodich asked a player to leave her property, she was told to shut up “or else,” according to the complaint. The filing accuses Niantic and Nintendo of creating a nuisance that the companies have used for their own profit. The couple seeks class-action status to all represent property owners in the U.S.who have faced similar difficulties with Pokemon players."

ISU Bauknight Insurance operates two Counties in Florida, Hudson, FL (727) 863-5641 and ISU Bauknight Insurance, 10488 Spring Hill Drive, Spring Hill, Fl 34607 (352)-686-0612. They also offer coverage throughout Florida on their website or by calling them direct.

Tuesday, June 7, 2016

Troopical Storm Colin

Tropical Storm Colin threw some limbs around and threatened to Flood in Hernando County. At 1:00 am I heard intense winds for a very short period of time. But as of now, 9:50 am, we have had zero claims reported.
We dodged another one.  Eventually we will be unfortunate enough to sustain real damage.


ISU Bauknight Insurance operates two Counties in Florida, Hudson, FL (727) 863-5641 and ISU Bauknight Insurance, 10488 Spring Hill Drive, Spring Hill, Fl 34607 (352)-686-0612. They also offer coverage throughout Florida on their website or by calling them direct.

Friday, April 22, 2016








                                      Meet the ISU Bauknight Insurance Staff


Linda Morrow- after working at another independent agency, Linda Morrow Started at Bauknight Insurance in 2006 in our Hudson, Florida location. Linda is a licensed 4-40 Insurance representative and is always cheerful, fun to be around, gives great customer service and the customers and fellow team members love her.
Carmen Greenberg- Carmen worked with L.G. Edwards Agency until 2004. in 2005, she relocated to Spring Hill and worked at one of our competitor's offices. Our newest team member, Carmen started working here in May of 2005 and assists our customers with a variety of needs of performs many necessary tasks in the agency. She speaks fluent Spanish and works hard to meet the needs of the agency and our customers.
Michelle Andre- Like Mr. Bauknight, Michelle comes from an insurance family. Her grandfather was an agent and her mother currently is an agent in another town. She started working for AAA Auto Club South in 1999 and became a 2-20 agent, licensed and qualified to assist customers with all their insurance needs. She then moved to Lakeland Florida and worked with another agency for five years, then took a job with Fearnow Insurance in Tampa Florida until 2015, when she relocated and came to work for ISU Bauknight Insurance. Michelle is competent, experienced, works extremely hard and gives 100 percent to all of her customers.
Steven Green Jr.- Steven began his Insurance career In our Spring Hill office when he was 19 years old way back in 1991`. Steve quickly became a licensed 2-10 agent and after gaining the appropriate experience, managed our Tampa Florida office. He decided to change career paths and went to work for the "company side" and became an agency manager for Mercury Insurance. Soon he was promoted to agency manager for New Jersey and Virginia. In 2010 Steve decided to "come home" and came to work in the capacity of Office Manager/Agent in charge of our Hudson, Florida Location. Last year, with the advent of internet applications we decided to combine our Hudson and Spring Hill Locations, and Steve became the vice-president of operations.
Greg Bauknight- Greg Sold his first auto insurance application at the age of 16 in 1975 in his father's agency in St. Petersburg Florida. his dad had long been in Management in Allstate Insurance Company and decided to start his own business. Soon both of Greg's brother in laws were agents and both went to work for state farm. Greg came back to work in the family agency at age 23 and started his own agency when he was 27 years old, some 30 years ago.
ISU Bauknight Insurance has been in business for 30 years in Spring Hill. When Greg's father decided to retire, Greg purchased his agency.
ISU Bauknight Insurance represents combined experience of employees of over 105 years! We maintain a positive work environment and truly enjoy what we do. With our recent decision to join ISU Insurance, we are now part of the third largest agency group by premium in the United states and have access to all the best national and local companies to serve the needs of our policyholders.
ISU Bauknight Insurance operates two Counties in Florida, Hudson, FL (727) 863-5641 and ISU Bauknight Insurance, 10488 Spring Hill Drive, Spring Hill, Fl 34607 (352)-686-0612. They also offer coverage throughout Florida on their website or by calling them direct.