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According to Powell, the property insurance crisis has significantly inflated the costs for homebuyers who depend on bank financing, to the point where financial institutions are now mandating upfront payments for a year’s worth of windstorm and flood insurance, alongside additional escrow funds to cover future premiums. “The cash to close has surged by 20 to 30% in some instances, purely on the additional escrow required for property insurance,” Powell reveals, highlighting the unexpected financial strain placed on buyers.
In the latest legal showdown that’s capturing headlines across Florida, Norman C. Powell finds himself at the heart of a pivotal case poised to reshape the boundaries of defamation law and free speech protections. Featured in an in-depth article titled “Florida Justices Poised to Limit Defamation Shield Law for News,” Powell’s stance on the matter shines a light on the delicate balance between safeguarding free speech and ensuring access to justice for those wronged by defamatory statements.