My solution is to quantify some dwellings as “danger zone”. This might be hard, but we already have “flood zones” and “fire zones” and such so it can be done.
Then simply make it so dwellings can be insured only to 90% of their value in such areas. If that dwelling has already been rebuilt at 90%, then from that day forward it can only be insured to 80%, and so on. At some point people will choose to accept the greater risk or to move elsewhere.
PS: A $600 million assessment across 8 million households in Florida works out to an extra $75 per year per household. Not exactly crippling.