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Tower Hill insurance review 2023
At a glance
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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.
Who Tower Hill may be good for: Homeowners seeking flood insurance or coverage for high-valued homes may want to consider Tower Hill Insurance. Tower Hill also offers many optional endorsements.
Who Tower Hill may not be good for: Tower Hill might not be the best option for homeowners that prefer digital tools and apps over direct agent assistance.
New
- 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.
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.
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Plentiful endorsement options such as extended replacement cost and water backup coverage
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Depending on the company, flood insurance is available as an endorsement or standalone policy
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Exchange policyholders share in potential underwriting profits
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Limited homeowner insurance types outside of Florida
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No insurance mobile app and limited online capabilities
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Higher-than-average number of customer complaints with the National Association of Insurance Commissioners (NAIC)
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. Although this is only slightly higher than the national average, which is $1,428 per year for the same amount of dwelling coverage, your personal home insurance rating factors could cause your actual rates to 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 |
*All rates displayed are average annual rates.
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.
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.
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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.
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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.
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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.
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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 fourth place for service in the J.D. Power 2023 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.
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$2,472
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$1,480
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$1,457
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$1,775
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$1,462
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714/1,000
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505/1,000
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532/1,000
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A+ (Superior)
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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).
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.
| Study or Rating Agency | Tower Hill | Industry average |
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| 2023 J.D. Power Digital Experience Study - Service | Not scored | 702/1,000 |
| 2023 J.D. Power Digital Experience Study - Shopping | Not scored | 521/1,000 |
| AM Best rating | Not rated | N/A |
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 homeowners complaints
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 index of 0.55 for 2022, the first year data was available. On the other hand, Tower Hill Prime received four times more complaints than expected for its home product in 2022. This is a slight improvement over 2021, but still poor. These high indexes may be due, in part, to the fact that Tower Hill writes policies in many states with difficult home insurance markets.
Other 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 2023 current rates for 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, $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.
