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Tower Hill Insurance review 2022

A group of executives meet with a financial expert in a meeting room with blue chairs and white walls. They are reviewing options for commercial insurance.
Thomas Barwick/Getty Images
A group of executives meet with a financial expert in a meeting room with blue chairs and white walls. They are reviewing options for commercial insurance.
Thomas Barwick/Getty Images
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Tower Hill Insurance is a property insurance carrier experienced with insuring high-risk, high-value and coastal homes. While its insurance products cater to a wide variety of needs, Florida residents may want to take note of what Tower Hill’s new Tower Hill Insurance Exchange will mean for them.

Perks Drawbacks
Specialized policy packages for high-value homes AM Best downgraded Tower Hill Prime’s Financial Strength Rating (FSR) to B+ (Good) in April 2022
Long list of coverage options to personalize home insurance coverage for every need Customer service not rated by JD Power and National Association Of Insurance Commissioners (NAIC) Complaint Index for 2021 is not available
Average home insurance rates are fairly consistent with the national average No online quoting or mobile app, and limited website accessibility for policy management

Tower Hill is made up of four companies: Tower Hill Prime, Tower Hill Preferred, Tower Hill Signature and the new, Florida-specific Tower Hill Insurance Exchange. Its home insurance policy has three tiers — Typical, Premier Plus and Spire — and can be personalized with unique add-on coverage. Although the company’s coverages, discounts and average premiums will vary by state, Bankrate’s Tower Hill Insurance review will cover the basics of its available policies to help you decide whether you should get a quote.

Tower Hill Insurance is offered in 19 states: Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Indiana, Kansas, Louisiana, Michigan, Missouri, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Wisconsin.

Tower Hill home insurance | Bankrate Score: Not available

While specific coverage availability may vary by state, Tower Hill home insurance gives homeowners an opportunity to build out their own home insurance plan. The Typical policy and mid-tier Prime Plus provide base-level home insurance coverage, but homeowners can add endorsements, like extended replacement cost, water back up coverage and personal injury coverage, as needed. Tower Hill also offers unique add-on coverage options that might be difficult to find with other carriers. This includes landscaping coverage, food spoilage, trampoline liability, lock replacement and more.

The company’s highest-tier Spire package is intended for high-value homes and comes with many of these optional coverages built into the policy. The AOP waiver is particularly noteworthy, as it is only available on Spire policies and eliminates your deductible in the event of a major loss from covered events other than hurricanes. Keep in mind, though, that policy coverage options may vary by state, so you’ll need to work with a Tower Hill insurance agent to see what coverage is available to you.

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% 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 home insurance cost

The average cost for a Tower Hill homeowners insurance policy is $1,331 per year for $250,000 in dwelling coverage. This is slightly less than the national average, which is $1,383 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 $933 $980
$250,000 $1,331 $1,383
$350,000 $1,836 $1,887
$450,000 $2,319 $2,351
$750,000 $3,464 $3,414

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 services

Tower Hill also 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’s Private Flood insurance policy.

Tower Hill’s Private Flood policy is offered through Lloyd’s and may have more coverage options compared to 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.

Other Tower Hill perks worth considering

In addition to home insurance, Tower Hills also offers commercial business insurance and other types of personal lines insurance. This includes:

  • 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 can insure their belongings. Similar to other property insurance, it also provides liability and loss of use coverage.

Tower Hill social responsibility

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

Not sure if Tower Hill is right for you? Consider these alternatives

When shopping for home insurance, it’s helpful to obtain multiple quotes to find the best home insurance company for your needs. Below are a few carriers that could be comparable to Tower Hill:

  • Kin Insurance: Kin’s groundbreaking approach to homeowners insurance and continued growth in high-risk states may make it worth a look for Florida residents.
  • Chubb Insurance: Chubb offers extensive home insurance endorsements tailored to high-value homes.
  • State Farm: State Farm consistently receives high customer satisfaction scores, which may be ideal for customers who want personalized service.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 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:

Auto

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the ages 18-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

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
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
  • Coverage E, Liability: $300,000
  • 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.

Written by
June Sham
Insurance Writer
June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies.
Edited by
Insurance Editor