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Florida TaxWatch, a government oversight group, claims a major storm could bankrupt the state. TaxWatch released a report today laying out the financial risk Citizens Property Insurance and the catastrophe fund face. State owned Citizens insures a million high risk properties most public insurers won’t touch. Representative Bill Proctor is concerned that efforts to keep insurance rates low has left the state facing a crisis it can’t afford

“Our present policy, as far as I can understand it, seems to focus entirely on cost – low cost insurance. Low cost insurance may be the most expensive type a person can buy, particularly if that claim cannot be paid. Based on the statistics and evidence we looked at last summer it’s reasonably clear that Florida could have claims it could not pay,” said Proctor.

Citizens was supposed to be a last resort for homeowners. Florida Tax Watch wants to see Citizens return to that again by raising rates, shedding existing policies, and refusing to write new policies.