There are obviously many lessons to learn.

FIRST LESSON

Florida should now, more than ever, consider the effects of Governor Crist's property insurance rate reduction scheme which was signed into law in 2007.

http://en.wikipedia.org/wiki/Citizens_insurance

Floridians were seeing their property rates insurance increase as a result of being hit by a couple of big hurricanes. Floridians complained and a populist Republican governor was elected in large part because of his promise to reduce property insurance rates. The problem is, how can you reduce rates below that which is dictated by the market? Answer - You allow a GSE to offer market-beating rates. How can the GSE offer better rates? Answer - You don't require the GSE to buy reinsurance - it is backed by the state Treasury. I believe (not 100% sure) that this GSE is now the leading insurer in the state of Florida. Private insurer's cannot compete with the rates of the GSE, and frankly most have been trying to figure out how to get out of that market anyway.

Anyway, Florida is now set up for its own financial crisis. Just another case of harebrained social economic experimentation and the danger of populism.