TALLAHASSEE - It took an outcry from homeowners, but the Florida Legislature bucked its traditionally conservative, pro-business convictions Monday and greatly expanded the state's role in the homeowners insurance market.

With votes of 40-0 in the Senate and 116-2 in the House, lawmakers passed a 167-page bill that is expected to provide a break on runaway insurance rates.

The votes came on the final day of a weeklong special session that included midnight and weekend negotiations. Dennis Ross, R-Lakeland, and Don Brown, R-De Funiak Springs, key backers of last year's more industry-friendly legislation, voted against the bill.

Gov. Charlie Crist was expected to sign the bill.

"It is absolutely amazing to see what you can accomplish when you don't care who gets the credit and we work together to do what's right," Crist told lawmakers at a closing ceremony in the Capitol rotunda. "And that's exactly what has happened here. They said it couldn't be done."

The bill doubles the state's exposure in the Florida Hurricane Catastrophe Fund, putting the state on the hook for damage ranging from $6 billion to more than $40 billion in the event of a megastorm. That risk trickles down to policyholders, who would be dunned for the money should the state have to borrow such a sum.

But it frees ratepayers from having to cover their insurers' dramatic costs for reinsurance, which is an industry backstop for very high-end damage. Private insurers can now obtain such coverage cheaply from the state.

The special-session strategy was a sharp reversal from last year, when lawmakers yielded to the insurance industry's insistence that higher rates were inevitable and market forces would settle things.

Lawmakers boasted of delivering on a daunting pledge to take action. But given the complexities of insurance and storm modeling that predicts risk, they were forced to sidestep the key question of exactly how much residents will save.

Here are some of the issues homeowners may be contemplating:

Will my rates go down?

Bill Posey, R-Rockledge, head of the Senate Banking and Insurance Committee and one of the bill's chief architects, was asked that question point-blank on the Senate floor Monday. His response? "It is certainly our intent, and all evidence points to the fact that every insurance policy in this state will be affected by the bill we're about to pass."

How much?

Estimates of savings swing wildly based on location and other factors. The state Office of Insurance Regulation ran numbers from the legislation past a few private insurers.

State Farm indicated that its policyholders would save a statewide average of 7 percent. Three other unnamed insurers put the savings at 31 percent, 33 percent and 36 percent. Another legislative estimate put savings at 21.8 percent statewide. Many lawmakers cited 25 percent.

I'm in Citizens. Will my rates drop?

Yes, but not by as much as private policies. That's because the key to the legislation is cheap state-backed reinsurance for private insurers, which Citizens doesn't have to purchase. Lawmakers targeted some Citizens-only provisions that are expected to bring savings of up to 20 percent (the House predicts 17.7 percent to 18.7 percent).

A big efffect on Citizens customers is the repeal of an annual 25 percent rate increase that took effect Jan. 1 and a 56 percent rate increase that was coming in March. But a regular annual rate increase of about 25 percent is expected Jan. 1 to get Citizens back on actuarially sound footing.

I already paid my premium reflecting the Jan. 1 rate increase. Will I get a refund?

Yes.

When do we start to see these savings?

In March or thereabouts, the Office of Insurance Regulation will release what the state expects as far as rate reduction by region. Updated rate filings from insurers will follow for policies written or renewed on or after June 1. If you renew your policy before the new legislation is in place, you may not see benefits until next year's renewal.

So the state is on the hook for more damage in catastrophic storms. Isn't that risky?

Yes. If a big storm hits before the state catastrophe fund builds up reserves, the state would likely have to issue bonds to cover the damage. Policyholders - not just in Citizens, but holders of all property and casualty policies, including auto - could pay substantial assessments to repay that debt.

Lawmakers think it is worth the risk. Policyholders have been paying exorbitant rates in advance to account for a storm that statistically is unlikely. The state plan means high rates - in the form of assessments - would come only after the fact, if and when such a storm hit.

I'm in a condo. What's in it for me?

Community associations such as condominiums, co-ops, timeshares or mobile home park tenant associations may pool or act individually to form commercial self-insurance funds. Lawmakers foresee specialists springing up to get smaller associations into such pools or to form new ones.

Customers of Citizens and private insurers have reported widespread dissatisfaction with service in Florida. Is the Legislature doing anything?

Yes. Insurers will be required to pay or deny a claim within 90 days, unless it is beyond the control of the insurer. A task force on Citizens has been created to conduct hearings and make recommendations on improving customer service and claims handling.

I'm installing shutters and taking other steps to strengthen my home. Will I get a discount on my insurance?

Yes, but it may take awhile. State officials will develop an inspection form for all insurers to factor discounts for wind insurance and will develop a uniform home grading scale to gauge a home's ability to withstand the wind load of a hurricane.

Agents must take classes on available premium discounts and must provide notice of combinations of discounts and credits available.

Is there anything else I can do to pay less?

Yes. You can exclude windstorm coverage if your mortgage holder agrees. You can choose a higher deductible if your lender agrees; the maximum allowable deductibles have been eliminated. You can exclude coverage for the contents of your home. All should adjust your premium downward. You can also pay your premium in quarterly or biannual installments.