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Office of Program Policy Analysis and Government Accountability

State’s Property Insurance Program Balances Risk and Cost of Insurance, Report No. 03-65, December 2003
Full report in PDF format

  • The state’s property insurance program in the Division of Risk Management protects the state against property losses that would require the unexpected use of state operating capital.  The program provides state agencies with coverage for property damage due to perils such as windstorm, sinkhole, flood, and fire.
  • The division pools state agency resources to pay for an expected level of property loss claims (self-insured retention) and purchases excess insurance coverage to cover unexpectedly large claims, such as claims for hurricane damage.  The division recently has increased the amount of state self-insured retention so that the state could pay less for purchasing excess insurance policies.
  • When property loss occurs, state agencies pay for the cost of repair or replacement and apply for reimbursement from the division.  In the past two fiscal years, the most frequent types of claims paid were for lightning and windstorm damage.

Which Government Program Summaries contain related information?

State Property and Casualty Claims
Department of Financial Services

What other OPPAGA-related materials are available?

  • Report No. 04-49 Justification Review: The State’s Risk Management Program Could Be Authorized to Do More to Protect Florida’s Assets, published in July 2004.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
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