One way to get cheaper rates is to buy an insurance policy that covers nothing. An article shows this is how the Florida legislature is tackling the insurance rate problem:

"[A] bill awaiting Governor Charlie Crist’s signature would allow for cancellation of private sinkhole coverage in Pasco and Hernando Counties — including hers. Under Senate Bill 742, private insurers could "non-renew" sinkhole policies beginning next year. In the same notice, insurers would offer sinkhole coverage as an add-on at a higher rate and require an inspection at the owner’s expense.

"It’s not a good idea, especially in Pasco and Hernando since it’s a very sinkhole prone area," said Bill Newton of the Florida Consumer Action Network. Newton fears insurers will raise rate so high that many homeowners will balk at the premium and inspection, choosing to go without sinkhole coverage.

"And sinkholes happen," Newton said.

New Port Richey Senate [sic] Mike Fasano, who helped write the bill, said it is modeled after a pilot program being tested by government-run Citizens Property Insurance and is intended to benefit homeowners.

"It’s worked very well," Fasano said, noting that Citizens’ overall property insurance premiums decline 45 to 50 percent when sinkhole coverage is dropped.

Fasano said sinkhole coverage is often just "bells and whistles" and that catastrophic collapses, such as those that swallow homes, are covered under homeowner’s policies even if there is no specific sinkhole coverage.

"If you want to have the cracks in your driveway, cracks in your drywall type coverage, that’s what we call the bells and whistles. And you’re going to have to pay extra for that," he said.

Florida Insurance Council Spokesman Sam Miller said on Wednesday afternoon that he was unable to immediately say whether insurers expect the bill to reduce their overall risk in Florida, which is often been described by the industry as a losing venture."

The bill arrived at Governor Crist’s desk and he now has until June 18 to act on the bill. If he does not veto the bill, it will become effective on January 1, 2010.