With an overwhelming majority vote, 105-13, the lawmakers in Florida have passed a bill that frees property insurance companies with large reserves from most state rate regulation - the move marking the state's big leap towards an extensive revamping of the property insurance market of the state.

Though the slight opposition to the bill, sponsored by Rep. Bill Proctor, R-St. Augustine, resulted out of concern that the measure would likely lead to huge increases and price gouging, the proposition was comfortably passed, as it offers an inviting chance to private property insurance companies.

As per the stipulations of the bill, the free market and consumer choices would govern rates instead of them being controlled by the government regulators. The notable proposals were driven to their ultimate end due to a number of noteworthy factors, including - State Farm Florida's decision to pull out of the Florida market; apprehension about the role of state-supported Citizens Property Insurance Corp; and reports that the Florida Hurricane Catastrophe Fund could be obliterated by a major storm.

Talking about the lawmakers' initiation towards reconstructing the landscape, Rep. Lake Ray, R-Jacksonville, said: "It's time for us as a Legislature to step up to the plate and do what's right and give our citizens the opportunity to choose. It's time for us to let the market move itself."