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According to Florida TaxWatch, our state may be “one major hurricane hit away from depending upon Federal relief or facing financial crisis.” Citing problems in Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund, an analysis released today by the Florida Council for Economic Advisors at Florida TaxWatch proclaims that we face a property insurance crisis. According to the report, the Florida Hurricane Catastrophe Fund’s “estimated payment capacity for 2009-10 is $16 billion, to be funded with $8 billion of liquid resources and $8 billion of estimated post-event bonding. The estimated potential deficit is $7.2 billion.”

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