Can anyone even get (good) insurance in Florida at this point? I believe many large insurance providers have backed out of Florida over the past few years by making their rates so astronomical that there's only one obvious goal.
It still doesn't save your home if you build at 5ft above sea level and a hurricane brings 15ft of storm surge.
As a point of comparison, however, up here in northern Illinois, you can get 2-3x the replacement coverage from a name-brand national insurance company for that price. And we do have tornado risk.
Which is to say that your insurance is expensive, but I wouldn't call it a barrier to living there. Much like property taxes - if you saw my bill, you'd probably fall out of your chair. Turns out the total cost is high everywhere. ;)
Running a functioning insurance?
If you want to pay rates which allow them to rebuild your home for you every ten years (annual rate = your home's cost / 10), I'm sure they'd be more than happy to do it and collect their small profit.