While insurance officials in the state say they’re starting to see signs of market stabilization, the ongoing property insurance crisis in Florida took center stage Wednesday on Capitol Hill. Lawmakers on the Senate Budget Committee held a hearing looking at the rising costs of home insurance in Florida and beyond and how factors, like inflation and climate change, may continue to shake the unsteady market and impact the economy nationwide. “Our proposed renewal for 2023 was more than $8,000,” testified Tallahassee resident Deborah Wood, going on to describe the impact spiking insurance costs have had on her and her family. “At this stage of our lives, we are not willing to risk our financial well-being by buying a home that one day may be uninsurable or craters in value in a housing market fueled by the insurance crisis,” Wood added. Those concerns were echoed by committee chairman Senator Sheldon Whitehouse, D-Rhode Island. “This all looks like an insurance market that is swirling in the drain,” said Whitehouse. MORE: https://www.wtsp.com/article/news/state/florida-insurance-market-senate-committee/67-bfb78974-a7e5-4293-a79a-0fbdc7d3ff75 ►Subscribe: https://on.wtsp.com/youtube ►Website: https://www.wtsp.com/ ►Facebook: https://facebook.com/10TampaBay ►X: https://twitter.com/10TampaBay