WASHINGTON, D.C. — On Capitol Hill, a Florida woman speaks out about high home insurance costs. The Senate Budget Committee held a hearing Wednesday called "Riskier Business: How Climate is Already Challenging Insurance Markets."
Deborah Wood told the committee she moved to South Florida in 1979, but sold her home last year largely because of the high cost to insure it.
“In 2017, we paid $3,700 per year for insurance, and in subsequent years the rates increased significantly, so that our proposed renewal for 2023 was more than $8,000,” she said.
Wood said she and her husband who are retired, sought to buy a home in Tallahassee near their daughter, but found the rates to be expensive there to...