Relief from rocketing insurance rates is on the way.

But curb your excitement. You will pay later.

Many of the proposals to be deliberated on during this week's special session of the Legislature would pass more risk from insurers to consumers and the state of Florida.

That means the tab would be deferred until a major storm hits. Then all Florida residents would pay, through hefty surcharges on insurance policies or higher taxes.

''What we're doing is providing a short-term fix, which is great for consumers,'' said Michael Keeby, senior vice president of HBA Insurance Group. ``Long-term, what's going to happen is that [this crisis] is going to kill our economy.''

Since lawmakers wrapped up the 2006 legislative session last May, the state's insurance crisis has rapidly worsened. Insurers demanded outsized rate increases, doubling and tripling premiums for many homeowners. They also dropped tens of thousands of policies, many held by longtime customers. Some commercial carriers dropped out of Florida, leaving businesses scrambling for coverage at any price.

Beginning Tuesday, lawmakers go back to their chambers. Gov. Charlie Crist says he will accept only new legislation that lowers rates. He is optimistic that the Legislature will deliver.

''We must mandate meaningful and broad-based rate relief for our homeowners,'' he said late last week.

One way to provide rate relief quickly -- a measure that will most likely pass because it has broad support -- is to expand the state's catastrophe fund so insurers could buy a bigger chunk of less expensive backup insurance. Insurers would pass the savings on to policyholders.

It's considered a good plan, but not one without risks.

If a Category 5 hurricane hits a densely populated area of the state, say South Florida, the Florida Hurricane Catastrophe Fund would blow through its $15 billion capacity and taxpayers would foot the rest of the bill.

''There is no question that the state will assume more risk,'' said Rep. Dan Gelber, a Democrat from Miami Beach. ``The issue is how to provide the most responsible way to deliver rate relief.''

PROPOSALS WITH RISKS

Indeed, several consumer-oriented proposals that could pass in the special session first emerged in a task force led by former Lt. Gov. Toni Jennings. They include allowing homeowners to buy less coverage, perhaps just enough to cover their mortgages, or take on bigger deductibles, or forgo windstorm insurance entirely. All those proposals provide substantial instant savings on annual premiums.

But again, much more risk. Homeowners would pay a bigger portion of the repair bill after a storm.

''Pay now or pay later. That's a decision you will have to make on behalf of Florida's residents,'' Mark Delegal, a lobbyist for State Farm Insurance, told a Senate committee last week.

There is also a consensus on some proposals that could lower rates for homeowners covered by Citizens Property Insurance, the state-run pool, and some broader measures, such as:

• Freezing rates for Citizens for a year, and eliminating the provision that would have required a 56 percent rate hike so the company could build reserves more quickly.

• No longer requiring Citizens to charge the highest rates in a market.

• Adopting a statewide building code.

• Expanding the state's mitigation program and standardizing discounts for homeowners who strengthen their homes against hurricanes.

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