Tower Hill Auto Insurance: What You Need To Know

Tower Hill Insurance is a Florida-based company that offers homeowners insurance and other lines of insurance, including commercial insurance, condo insurance, renters insurance, and watercraft insurance. The company has been serving Florida homeowners for nearly 50 years and is known for its expertise in dealing with hurricanes and other disasters common in the state. Tower Hill does not offer auto insurance.

Tower Hill's home insurance rates are affordable, and the company provides a wide range of coverage options, including flood insurance and enhanced coverage for high-value homes. However, they have received mixed reviews for their customer service and financial stability, with a higher-than-average number of customer complaints. Overall, Tower Hill is a solid choice for Florida residents seeking tailored insurance solutions that cater to the unique environmental and legal demands of the state.

Tower Hill Insurance Exchange

The company has a 24/7 online portal for policy management, claims filing, and accessing insurance information. They also provide a dedicated claims phone number and a general customer service line. Tower Hill Insurance Exchange is licensed to operate in Florida, serving the unique needs of homeowners in the state with robust insurance solutions.

While Tower Hill Insurance Exchange does not offer auto insurance, the Tower Hill Insurance Group has other subsidiaries that may provide a broader range of insurance products.

Tower Hill's high-value home insurance

Tower Hill Insurance is a Florida-specific insurance company that offers affordable rates and a wider range of insurance products than many other Florida insurers. It has expertise in dealing with hurricanes, making it a strong choice for Florida residents. However, it does not offer online buying, so purchasing a policy requires meeting with an insurance agent.

High-Value Home Insurance

Coverage Options

In addition to standard coverage types like dwelling and personal property, the Typical and Prime Plus policies provide options for endorsements, such as 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, including landscaping coverage, food spoilage, trampoline liability, and lock replacement.

Pros and Cons

Customer Satisfaction and Complaints

Tower Hill has mixed reviews when it comes to customer satisfaction and complaints. While it has a higher-than-average number of customer complaints with the National Association of Insurance Commissioners (NAIC), it received a far more favorable score from the Florida Office of Insurance Regulation (FLOIR), suggesting that it has a typical number of complaints for insurance companies of its size in Florida.

Tower Hill's flood insurance

Tower Hill offers flood insurance in the form of an endorsement or a standalone policy. The company provides two types of flood insurance to Florida homeowners: coverage through the National Flood Insurance Program (NFIP) and its own private flood insurance policy.

NFIP rates are set by the government and do not vary between insurers. Tower Hill's private flood insurance option is underwritten by Lloyd's and is available as either a standalone policy or an endorsement to an existing Tower Hill homeowners policy. Private flood insurance companies use different criteria to calculate premiums, so it's worth considering both options.

The two most significant advantages of a private flood insurance policy are the much higher available coverage limits (up to $5 million) and a much shorter waiting period. However, private flood insurers can deny coverage based on flood risk, so coverage is not guaranteed.

Adding flood insurance as an endorsement to an existing Tower Hill home policy can simplify the claims process, as there is likely to be less confusion or debate about whether a claim is covered under the home or flood insurance policy if both are purchased from the same insurer.

Tower Hill's customer service

Tower Hill Insurance is recognised for its robust customer service infrastructure, which prioritises accessibility and user-friendliness. The company provides a 24/7 online portal that enables customers to manage their policies, file claims, make complaints, and access insurance information at any time.

The Tower Hill Insurance Exchange General Customer Service phone number is 352-332-8800, and the claims phone number is 800-342-3407. The company's customer service team is available to assist with any questions during the application process, ensuring that applicants understand each step and requirement.

Tower Hill offers a variety of insurance products, including residential and commercial property insurance, as well as flood insurance. The company has a solid reputation for reliability and customer service, with a focus on providing tailored insurance solutions that cater to the unique environmental and legal demands of Florida.

Tower Hill's financial strength

Tower Hill Insurance Group is a holding company for several insurance subsidiary companies: Tower Hill Prime, Tower Hill Specialty, and the new, Florida-specific Tower Hill Insurance Exchange. The company has a history of strong financial strength, with a rating of A- (Excellent) from AM Best in the past. However, in recent years, there has been a downward trend in its financial strength rating, which has slipped to B (Fair). This has raised concerns about the company's financial health and ability to pay out claims.

In response to these concerns, Tower Hill Prime has stopped participating in AM Best’s rating process, and the rating was withdrawn. Despite this, independent reviewer Demotech has granted a financial strength rating of A (Exceptional) to both Tower Hill Exchange and Tower Hill Prime. This rating is significant, especially for Tower Hill Exchange, which is now the exclusive Tower Hill company in Florida.

Tower Hill Insurance Group has a long history in the insurance industry, dating back to 1972 when it was founded as Mobile Home Insurance Associates in South Florida. The company has continued to evolve and adapt over the years, and it maintains that it is in sound financial condition. In their statement, they expressed confidence in the financial strength of their companies and their ability to service customers in Florida and other markets for years to come.

While there have been concerns about Tower Hill's financial strength, the company has taken steps to address these issues, and it remains a viable option for homeowners, especially in high-risk areas, looking for robust coverage options.

Frequently asked questions