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Tower Hill insurance review 2024

Updated May 14, 2024
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3.9
Rating: 3.9 stars out of 5
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Rating: 3.9 stars out of 5

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Bankrate's take

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 choose Tower Hill as their company of choice.

  • Flood insurance or coverage for high-valued homes
  • Offers many optional endorsements

New

What’s new with Tower Hill?
  • January 11, 2022: 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.
  • May 17, 2023: Demotech granted Tower Hill Insurance Exchange an A (Exceptional) rating.
  • June 1, 2023: Tower Hill Insurance Exchange announced they have secured almost $2 billion in catastrophe reinsurance, almost $120 million more than the prior limit.
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Do you have experience with Tower Hill Insurance? Let us know your thoughts.

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 is a holding company for several insurance subsidiary companies: Tower Hill Prime, Tower Hill Specialty 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 since 2022 the policies have been 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 did renew with coverage changes, but it does not state what these coverage changes were.

Pros and cons of Tower Hill homeowners insurance

Although Tower Hill’s coverage availability varies by state, the company gives homeowners the ability to personalize their home insurance plans. Whenever you research insurance companies, it’s helpful to weigh the pros and cons of each business. Take note of the following points when considering Tower Hill Insurance.

Green circle with a checkmark inside

Pros

  • Plentiful endorsement options such as extended replacement cost and water backup coverage
  • Depending on the company, flood insurance is available as an endorsement or standalone policy
  • Exchange policyholders share in potential underwriting profits
Red circle with an X inside

Cons

  • Limited homeowner insurance types outside of Florida
  • No insurance mobile app and limited online capabilities
  • Higher-than-average number of customer complaints with the National Association of Insurance Commissioners (NAIC)
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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 $4,906per year for $300,000 in dwelling coverage. Although this is only slightly higher than the national average, which is $2,230 per year for the same amount of dwelling coverage, your personal home insurance rating factors could cause your actual rates to vary.

$150K dwelling
Tower Hill average premium
$2,694
National average premium
$1,354
$300K dwelling
Tower Hill average premium
$4,906
National average premium
$2,230
$350K dwelling
Tower Hill average premium
$5,658
National average premium
$2,490
$450K dwelling
Tower Hill average premium
$7,001
National average premium
$3,020
$750K dwelling
Tower Hill average premium
$8,974
National average premium
$4,451

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 or 2023 property insurance studies, probably because Tower Hill is a regional insurer.

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 has gradually slipped from A- (Excellent) to B (Fair). Since then, Tower Hill Prime has stopped participating in AM Best’s rating process and the rate was withdrawn. However, Demotech has granted a financial strength rating of A (Exceptional) to the newly-formed Tower Hill Exchange and Tower Hill Prime. Since the Exchange will be the exclusive Tower Hill company in Florida, this could be vital information, considering the Demotech downgrades of 2022.

Tower Hill customer complaints

The National Association of Insurance Commissioners (NAIC) logs customer complaints against insurance companies and, combined with market share data, assigns carriers complaint indexes. These indexes have a baseline of 1.00, with indexes above 1.00 indicating more complaints than expected based on the carrier's size. In contrast, carriers with indexes below 1.00 receive fewer complaints than expected based on their size.

Tower Hill's NAIC Complaint Indexes are assigned for each of its subsidiary companies. We chose to feature indexes for Tower Hill Prime as it has multiple years of data for comparison. The Florida-specific Tower Hill Exchange has a home product complaint index of 0.11 according to the most recent data available, well below the industry baseline. Tower Hill Prime also receives a far-below-baseline complaint index for its home product in 2023. These indexes reflect positively, considering the fact that Tower Hill writes policies in many states with difficult home insurance markets.

Tower Hill home insurance discounts

Tower Hill notes that it offers premium home insurance discounts on its website. These include windstorm loss mitigation discounts that you’ll earn if you have windstorm mitigation features like roof-to-wall connection and opening protection.

  • Wind loss mitigation discounts: You could save in a variety of ways if you have windstorm mitigation features like roof-to-wall connection and opening protection.
  • Senior discount: Senior-aged policyholders may save on their Tower Hill home insurance policy.
  • Companion policy discount: Policyholders who hold two or more Tower Hill policies, or who have an auto or home policy with Safeco, could qualify for additional savings.

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Compare Tower Hill with other insurers

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.

Badge 1 Featured

Tower Hill

Tower Hill
Rating: 3.9 stars out of 5
3.9

Kin

Kin
Rating: 3.2 stars out of 5
3.2
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Cost & ratings

Rating: 3.5 stars out of 5
3.5

Coverage

Rating: 4.3 stars out of 5
4.3

Support

Rating: 0.5 stars out of 5
0.5

Chubb

Chubb
Rating: 4.3 stars out of 5
4.3
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Cost & ratings

Rating: 4 stars out of 5
4.0

Coverage

Rating: 4.8 stars out of 5
4.8

Support

Rating: 4.2 stars out of 5
4.2
OVERVIEW
Info
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.
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.
STANDOUT FEATURES
Info
Insurance Home
Flood insurance
Online Reviews
Tech-forward insurance approach
Location
Available in high-risk states
Insurance Home
Free home assessment services
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Below-average NAIC complaints
Document
Multiple options for coverage
AVG FULL COV. AUTO RATE
Info
No rates available $3,462
J.D. POWER AUTO SCORE
Info
Not Scored Not Scored
AVG HOME RATE
Info
No rates available $3,521
J.D. POWER HOME SCORE
Info
Not Scored 801/1000
AM BEST RATING
Info
Not Scored A++(Superior)
Bankrate logo

Why you can trust Bankrate

Read our full methodology

Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Tower Hill insurance review.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

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 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 transition to Tower Hill Insurance Exchange seems successful so far but is not without its growing pains. However, 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).

What are real-life customers saying about Tower Hill?

Tower Hill was not included in the J.D. Power 2023 or 2024 studies, nor was it rated by AM Best. To give a more well-rounded review of Tower Hill, Bankrate’s insurance editorial team looked at real-world customer comments on Reddit. Although Reddit is not a formal reviews site, its various finance, insurance and state-specific forums generate discussion about different insurance companies, Tower Hill among them.

Reviews surrounding Tower Hill’s home insurance are mixed. Multiple Reddit users mentioned rate increases, but this is to be expected in many of the high-risk states where Tower Hill writes policies as the weather becomes more extreme. Some Reddit commenters decided that Tower Hill’s rate raises put the company out of their budget, but others liked the company enough to stay even after a premium increase.

Reddit user 1
Apr 19, 2023
I had Tower Hill for 12 years and never made a...
“I had Tower Hill for 12 years and never made a claim, even after two hurricanes. This year they more than doubled my premium out of the blue from $1,500 to $3,700 for no reason. Now I'm stuck on Citizens for $2,100.”
Reddit user 2
Jun 11, 2023
Our rates with Tower Hill went up 40% between...
“Our rates with Tower Hill went up 40% between 2022 and 2023. Our 2024 bill is still several months out. Their service has been great. They’re the cheapest I’ve been able to find and I shop around each year.”

Tower Hill company details

  • General phone number: 1-352-332-8800
  • Claims: 1-800-342-3407
  • Website: thig.com
  • Mailing address:
    Tower Hill Insurance Group
    P.O. Box 147018
    Gainesville, FL 32614-7018

State availability

Tower Hill Insurance is available in 17 states. There are many subsidiaries under Tower Hill, and Tower Hill Insurance Exchange only offers homeowners insurance in Florida. Tower Hill Specialty provides HO-3 insurance in the following 16 states: AL, AK, AZ, GA, TX, IL, IN, LA, MO, MS, MI, NC, OH, WI, SC and TN.

Tower Hill tools and benefits

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.
  • SkiSafe: This insurance offers liability and physical damage coverage for boats, jet skis and other watercrafts.

Frequently asked questions about Tower Hill

Methodology

Bankrate utilizes Quadrant Information Services to analyze June 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $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.

Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlight where they fall short.

5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

Written by
Shannon Martin
Writer, Insurance
Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.
Edited by Editor, Insurance