Florida Lawmakers Approve Property-Insurance Overhaul, Sending Bill to DeSantisLegislation would add $1 billion to a state-run reinsurance program as home-insurance rates keep risingFlorida’s average annual home-insurance premium of $4,231 is the highest in the nation, and nearly triple the nationwide average, says trade group Insurance Information Institute.PHOTO: DIRK SHADD/TAMPA BAY TIMES/ZUMA PRESSBy Leslie ScismFollow and Arian Campo-FloresFollowUpdated Dec. 14, 2022 at 3:13 pm ETSHARETEXTListen to articleLength (2 minutes)Florida lawmakers approved sweeping changes to state law to address a worsening property-insurance crisis, including adding $1 billion to a state-run reinsurance program to ease a burgeoning private-sector shortage of the crucial backup coverage.Republican Gov. Ron DeSantis called the legislature into a special session this week to deal with woes that also include a highly litigious environment in the state, mounting losses at smaller insurers constituting the bulk of the home-insurance market, and the ballooning size of a state-run insurer of last resort as some private-sector carriers have been driven to insolvency.