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Tower Hill insurance review 2023

Updated Jan 31, 2023
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Bottom Line

Policyholders who have trouble finding homeowners insurance because they live in a high-risk area and don't mind the lack of a mobile app or possible customer service issues might find Tower Hill as their company of choice.

Pros
  • Specialized policy packages for high-value homes

  • Long list of coverage options to personalize home insurance coverage for every need

  • Average home insurance rates are fairly consistent with the national average

Cons
  • AM Best downgraded Tower Hill Prime's Financial Strength Rating (FSR) to B+ (Good) in April 2022

  • Higher-than-average number of customer complaints with the National Association of Insurance Commissioners (NAIC)

  • No mobile app, and online quoting is not available in all areas

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What's new with Tower Hill?

Due to the volatile Florida homeowners insurance market, Tower Hill has announced that it is pulling its personal lines out of the Sunshine State and instead replacing it with a reciprocal insurance model — the Tower Hill Insurance Exchange. Most existing Florida Tower Hill policies will be transferred to the Exchange at renewal.

Tower Hill home insurance

Every year, Bankrate's insurance editorial team analyzes insurance carriers to help readers choose the best homeowners insurance company for their personalized needs. Our extensive research shows that Tower Hill could be a good choice for homeowners looking for prepackaged policies with robust coverage options.

Tower Hill comprises four companies: Tower Hill Prime, Tower Hill Preferred, Tower Hill Signature and the new, Florida-specific Tower Hill Insurance Exchange. Its high-value home insurance offering has three tiers — Typical, Prime Plus and Spire. Each tier has different coverage levels and can be personalized with unique add-on coverage types.

While specific coverage availability may vary by state, Tower Hill home insurance gives homeowners an opportunity to build out their own home insurance plan. In addition to standard coverage types like dwelling and personal property, the Typical and Prime Plus policies provide options for endorsements, like extended replacement cost, water backup coverage and personal injury coverage. Tower Hill also offers unique add-on coverage options that might be difficult to find with other carriers. These include landscaping coverage, food spoilage, trampoline liability, lock replacement and more. The company's highest-tier Spire package comes with many of these optional coverages built into the policy.

Florida residents should note that due to the ongoing home insurance crisis in Florida, Tower Hill has modified its business practices and risk threshold in the state. Personal lines insurance, such as homeowners insurance, were previously written under Tower Hill Prime, but it was recently announced that 50 percent of these policies will be non-renewed by 2022 as Tower Hill Prime prepares to leave the Florida market in 2023. The remaining policies will instead be renewed under Tower Hill Insurance Exchange (the Exchange), a reciprocal insurer in which policyholders share the risk of insuring each other and any underwriting profits. The Exchange notes that policies will renew with coverage changes, but it does not state what these coverage changes are.

Tower Hill Insurance is perhaps best known as a Florida homeowners insurance company, but it offers coverage in 16 additional states. For a complete list of Tower Hill states, please get in touch with the company directly.

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Tower Hill home insurance cost

Based on proprietary premium data information provided by data analytics company Quadrant Information Services, the average cost for a Tower Hill homeowners insurance policy is $1,457 per year for $250,000 in dwelling coverage. This is slightly more than the national average, which is $1,428 per year for the same amount of dwelling coverage. However, as home insurance rating factors play an important role in determining your final premium, your actual rates may vary.

Dwelling coverage limit Tower Hill average annual premium National average annual premium
$150,000 $997 $975
$250,000 $1,457 $1,428
$350,000 $1,972 $1,879
$450,000 $2,486 $2,343
$750,000 $4,028 $3,761

Tower Hill home insurance discounts

Tower Hill does not disclose information about home insurance discounts on its website. If you're interested in finding out what discounts may be available in your area, it could be helpful to contact an agent to learn more.

Tower Hill home tools and benefits

In addition to homeowners insurance, Tower Hill offers three different options for flood insurance. Homeowners can purchase flood insurance through the National Flood Insurance Program (NFIP), add it to their homeowners insurance policy as an endorsement at policy inception or renewal, or purchase the separate Tower Hill Private Flood insurance policy.

Tower Hill's Private Flood policy is offered through Lloyd's and may have more coverage options than the NFIP, including a 15-day waiting period instead of the 30 days required by the NFIP. The flood endorsement can only be added at policy inception or renewal for HO-3 homeowners insurance policies but includes all the same coverage as the standalone flood policy.

Tower Hill customer satisfaction

To conduct a holistic Tower Hill Insurance review, Bankrate analyzed more than just average premiums. We know that, for some, customer satisfaction may be just as important as cheap homeowners rates. As such, our insurance editorial team typically reviews third-party scores issued by J.D. Power to measure this metric. However, J.D. Power did not include Tower Hill in any of its 2022 property insurance studies, probably because Tower Hill is a regional insurer.

In addition to J.D. Power scores, we review where insurance companies fall on the National Association of Insurance Commissioners (NAIC) Complaint Index Report. According to this data, Tower Hill may struggle with customer satisfaction — the company has an overall complaint index of 33.02. This means that, as a whole, Tower Hill gets more than 33 times the amount of complaints compared to other companies of a similar size. Regarding the company's homeowners insurance product, the company does a bit better, with a complaint index of 7.41.

Finally, while financial strength may not be a direct indicator of customer satisfaction, it does indicate a company's historical ability to pay out claims. According to AM Best, Tower Hill Prime has a negative outlook, and its financial strength rating was downgraded from B++ (Good) to B+ (Good) in 2022. However, Demotech has granted a financial strength rating of A (Exceptional) to the newly-formed Tower Hill Exchange. Since the Exchange will be the exclusive Tower Hill company in Florida, this could be vital information, considering the Demotech downgrades of 2022.

How to file a claim with Tower Hill

When you contact Tower Hill to file a homeowners insurance claim, the carrier will ask for basic information, including your name, policy number, the date the loss occurred and the circumstances surrounding it. It may also ask for supporting documentation, such as a police report if you're filing a theft or vandalism claim.

When you're ready, you can file a claim with Tower Hill Insurance by:

It also may be worth noting that most insurance agents recommend filing your claim as soon as possible while the information is still fresh in your mind.

Tower Hill availability

Tower Hill's website states that it writes homeowners insurance in 17 states but does not explicitly list which ones. However, the company did expand into Alabama, Georgia, Illinois, Indiana, Ohio, Missouri, South Carolina and Wisconsin in 2018. If you are outside of Florida or these listed states, you could get in touch with a Tower Hill agent to see if the company is available to you.

Other Tower Hill perks worth considering

In addition to home and flood insurance, Tower Hill offers other lines of insurance that may appeal to homeowners:

  • Commercial insurance: Business owners in Texas, Alabama, South Carolina and Florida may be interested in looking into what business-owner (BOP) and monoline (CP) insurance options are available to them.
  • Condo insurance: This type of insurance specifically protects the interior of condominium units and provides coverage for personal property, liability and loss of use.
  • Renters insurance: Renters may not need to insure the home they live in, but renters insurance could insure their belongings. Similar to other property insurance, it also provides liability and loss of use coverage.

Tower Hill corporate sustainability

Tower Hill's website does not share if the company has any ongoing community or philanthropic initiatives.

This Tower Hill Insurance review may leave you wondering if this carrier could meet your needs. Or, perhaps Tower Hill isn't available in your area. If you want to compare home insurance quotes from more carriers, you might be interested in the companies below.

Tower Hill vs. Kin

Kin's innovative approach to homeowners insurance and continued growth in high-risk states may make it worth a look for Florida residents. This company also boasts numerous discounts that could help Floridians save on their homeowners insurance policies. Unfortunately, Kin has no mobile app and limited third-party customer satisfaction data.

Learn more: Kin Insurance review

Tower Hill vs. Chubb

Shoppers interested in Tower Hill's high-value homeowners insurance may be interested in Chubb, as this company offers extensive home insurance endorsements tailored to high-value homes. Chubb has a financial strength rating of A++ (Superior) from AM Best, but no online quoting is available and customer satisfaction information is a mixed bag.

Learn more: Chubb Insurance review

Tower Hill vs. State Farm

State Farm consistently receives high customer satisfaction scores, which may be ideal for customers who want personalized service. Additionally, State Farm offers a highly-rated mobile app and ranked in second place for service in the J.D. Power 2022 U.S. Insurance Digital Experience Study. State Farm's endorsement options may not be as unique as Tower Hill's, but the company might be a good choice for customers who want to carry additional insurance policies, like auto and life, with a single carrier.

Learn more: State Farm Insurance review

Is Tower Hill a good insurance company?

Bankrate's insurance editorial team knows how important honest, thorough company reviews may be when shopping for the best homeowners insurance company. Bankrate's team, including four licensed insurance agents, aims to leverage our real-world insurance experience to research and analyze companies to help our readers make wise decisions regarding their coverage.

If you live in a state where it writes policies, Tower Hill could be a reasonable insurance option, especially if you own a high-value home. However, policyholders who prioritize customer service may pause at the company's NAIC complaint indexes. In Florida, the company is in flux as it transitions to Tower Hill Insurance Exchange, but it may be appealing for homeowners looking for robust coverage add-ons in the Florida market (where even standard policies are hard to come by).

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Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

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