Florida Home Insurer Royal Palm Asks for 22% Increase

Royal Palm Insurance Co. is having a hearing before the Florida Office of Insurance Regulation to discuss its proposed rate hike for its dwelling/fire line of insurance.

Royal Palm’s proposed, statewide average, rate level increase is 21.7 percent, however that could vary by area, according to the OIR.

Royal Palm, which writes exclusively in Florida, is the state’s 11th largest insurer, with 114,000 policies.

The hearing is to be held Aug. 5, at 1 p.m., in the Senate Office Building in Tallahassee.