Robert P. Hartwig, the president and chief economist at the Insurance Information Institute, a trade group in New York, said that even with insurance premium prices at a record high in Florida, they were still not high enough to offset all the potential damage that many weather analysts expect over the next decade or so.

Mr. Buchmueller says his company will have considerably more capital than most Florida start-ups  an estimated $45 million by the end of the year. And he says that he is confident that he has found a gap in the market where the going prices are higher than the actual risk. “Everyone in Florida thinks they’re paying too much for insurance,” he said, “and some of them are right.”

Florida has been hit by a number of hurricanes in the last few years. Insurers have paid billions of dollars in claims, and the price of coverage for homes in the state is the highest in the nation. Some people are paying almost as much for insurance as for mortgage payments. And every week, 15,000 homeowners in Florida are requesting bare-bones coverage from the state-run insurance agency because no one else will sell it to them  at any price.

Image Ross J. Buchmueller found that big, expensive houses fared the best in hurricanes, and his company will sell only to owners of those homes. Credit... Marc Serota for The New York Times

In January, Florida’s Legislature went into special session to deal with the insurance crisis and decided to force down prices for all companies, including Mr. Buchmueller’s, by perhaps 20 percent.

But many insurance experts say that if hurricane damage is heavy in the next few years, the state will probably have to make up for the price cut and possibly a lot more in claims costs by issuing bonds and passing on potentially enormous expenses to all policyholders.

Florida regulators welcomed Mr. Buchmueller’s company as a new source of coverage. They approved his plan in mid-January, and he has started selling policies through independent agents across the state. Mr. Buchmueller previously spent about 20 years working for the Chubb Corporation and the American International Group.