Alyssa Lane
Tower Hill Insurance is a legitimate company that has been serving homeowners in Florida and other states since 1972. It offers policies that cater to the needs of homeowners in certain areas of the United States, with coverage in 17 states. Tower Hill's pricing data is not widely available, but its rates are generally considered to be cheap and below the national average. The company has received mixed ratings, with an A+ rating from the Better Business Bureau and an A (Exceptional) rating from Demotech, but it is no longer rated by AM Best and does not have a rating from J.D. Power for customer or claims satisfaction.
| Characteristics | Values |
|---|---|
| Average annual cost for $300,000 in dwelling coverage | $4,905 |
| Average annual cost for $300,000 in dwelling coverage (Policygenius) | $1,128 |
| Average annual cost for dwelling coverage in Florida | $2,341 |
| BBB rating | 3.69/5 |
| The Zebra rating | 1.6 stars |
| Demotech rating | A (Exceptional) |
| AM Best rating | B (Fair) |
| JD Power rating | Not rated |
| Number of states served | 17 |
| Auto coverage | No |
| Flood insurance | Yes |
| Watercraft insurance | Yes |
| Fire protection discount | Yes |
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What You'll Learn
Tower Hill Insurance's ratings from Demotech, AM Best, and J.D. Power
Tower Hill Insurance is not rated by third-party insurance reviewers like J.D. Power and AM Best. However, Demotech, another independent reviewer, gave Tower Hill Insurance Exchange and Tower Hill Prime Insurance an A (Exceptional) rating in 2023.
AM Best previously rated Tower Hill Prime as having a negative outlook, with a financial strength rating that 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 Since then, Tower Hill Prime has stopped participating in AM Best's rating process, and the rate was withdrawn.
J.D. Power did not include Tower Hill in any of its property insurance studies, likely because it is a regional insurer. Bankrate, which conducts annual reviews of Tower Hill Insurance, typically reviews third-party scores from J.D. Power for customer and claims satisfaction. However, they note that J.D. Power's absence of ratings for Tower Hill does not necessarily reflect the company's ability to satisfy customers or claims.
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Customer reviews and ratings
Tower Hill is not rated by J.D. Power for customer or claims satisfaction, and it is not included in any of J.D. Power's property insurance studies, likely because it is a regional insurer. Tower Hill Prime, a subsidiary of Tower Hill, has seen its financial strength rating downgraded from A- (Excellent) to B (Fair) by AM Best, which has also reported a negative outlook for the company.
Tower Hill has received praise for its customer service, with one customer reporting that they received "exceptional customer service" from an employee named Crystal H. following a major claim due to a fire in their home. Another customer review highlights the flexibility of Tower Hill's policies, noting that the company offers coverage options that can be tailored to fit different types of properties and lifestyles.
However, Tower Hill has also faced criticism for its pricing. One customer review mentions that their insurance rates doubled within two years, and another review states that Tower Hill averaged five times more complaints than similar-sized insurers in 2021, according to the National Association of Insurance Commissioners. Tower Hill's pricing data is not widely available, as it is a smaller insurance company operating in states with higher-than-average risks.
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Tower Hill's subsidiaries and their ratings
Tower Hill Insurance Group is a niche provider of specialty personal lines property insurance. It operates in 17 states, with a focus on Florida, where it can be difficult to find coverage at the right price. The company does not offer auto policies, so it may not be the best option for those looking to keep multiple policies under one insurance carrier.
Tower Hill Insurance Group owns Tower Hill Insurance and its subsidiaries. These subsidiaries include Tower Hill Prime, Tower Hill Preferred, Tower Hill Select, Tower Hill Signature, Tower Hill Specialty, Omega Insurance, and the Florida-specific Tower Hill Insurance Exchange. Tower Hill Prime Insurance Company has earned a Financial Stability Rating (FSR) of A (Exceptional) from Demotech, Inc. Tower Hill Specialty provides residential insurance coverage for risks that are often underserved by conventional national carriers. The Tower Hill Insurance Exchange is a reciprocal insurer where policyholders, or members, insure each other and share in underwriting profits. Tower Hill Insurance Exchange has also earned an FSR of A (Exceptional) from Demotech, Inc.
Tower Hill has not been rated by J.D. Power for customer or claims satisfaction, nor has it been rated by AM Best for financial strength. However, Tower Hill did receive an A+ rating for financial strength from Demotech, indicating a strong ability to pay out claims. The Better Business Bureau rated Tower Hill as 3.69/5 in customer satisfaction. The National Association of Insurance Commissioners (NAIC) has reported below-average customer complaints for Tower Hill. Tower Hill Prime, on the other hand, has seen its financial strength rating slip from A- (Excellent) to B (Fair) by AM Best.
Tower Hill offers a range of insurance policies, including homeowners insurance, condo insurance, renters insurance, mobile home insurance, flood insurance, equipment breakdown coverage, CyberShield protection, and watercraft insurance. The company advertises that its homeowners insurance policies are 50% below the national average, but actual premiums can vary based on location and other factors. Tower Hill also offers discounts, such as a bundling discount for homeowners who combine Tower Hill home insurance with a car insurance policy from Safeco.
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Tower Hill's pricing and affordability
Tower Hill Insurance advertises that its homeowners' insurance policies are 50% below the national average. However, the dynamic market in Florida, where Tower Hill is based, can make these numbers vary. The final premium for a Tower Hill home insurance policy will depend on factors such as the value of the home, the location of the home, the limits chosen, the discounts the policyholder qualifies for, and any additional coverages needed.
The average cost of home insurance with Tower Hill is $1,128 per year for $300,000 in dwelling coverage, according to Policygenius. This is 51% lower than the national average. Bankrate, however, puts the average cost for a Tower Hill homeowners insurance policy at $4,905 per year for $300,000 in dwelling coverage, which is only slightly higher than the national average of $2,341 per year for the same amount of coverage.
Tower Hill offers a range of standard coverages, including dwelling coverage, other structures coverage, personal property coverage, loss of use coverage, and personal liability coverage. The company also offers several additional coverage options, including flood insurance, equipment breakdown coverage, CyberShield protection, and watercraft insurance.
Tower Hill also offers savings opportunities and discounts, although these may vary by state. For example, Tower Hill rewards policyholders for fire protection, such as having a fire and smoke alarm system in their homes.
Tower Hill's pricing data is not widely available, as it is a smaller insurance company that operates in some states with higher-than-average risks. Tower Hill's rates in Florida, for example, are likely to be much higher than in other states due to the increased risks in areas prone to natural disasters such as hurricanes.
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Tower Hill's coverage options and availability
Tower Hill Insurance Group is a legitimate company that has been serving homeowners in Florida and other states since 1972. It is based in Gainesville, Florida, and operates in 17 states, although personal lines are not available in all of them. Tower Hill is a holding company with several subsidiaries, including Tower Hill Prime, Tower Hill Specialty, Tower Hill Preferred, Tower Hill Select, Tower Hill Signature, and Omega Insurance.
Tower Hill offers a range of coverage options for homeowners, including:
- Homeowners Insurance: This covers the house, belongings, and liability if someone gets hurt on the property. It includes roof damage, stolen items, and personal liability coverage.
- Condo Insurance: This policy is designed for unit owners and protects their interior space and personal belongings, ideal for shared walls and HOA limitations.
- Renters Insurance: This covers the belongings of those who rent their homes.
- Mobile Home Insurance: These policies are crafted for mobile and manufactured homes, especially in hurricane-prone areas.
- Flood Insurance: Essential for Florida homeowners and can be bundled or purchased separately.
- Equipment Breakdown Coverage: This covers failures of essential equipment like A/C, refrigerators, or electrical panels.
- CyberShield: Provides protection against identity theft, online fraud, and cyber extortion.
- Watercraft Insurance: Through SkiSafe, Tower Hill offers protection for boats, jet skis, and personal watercraft.
Tower Hill advertises that its homeowners insurance policies are below the national average, with an average annual cost of $1,128 for $300,000 in dwelling coverage. However, rates can vary based on location, with Florida's dynamic market causing fluctuations. Tower Hill also offers various discounts, such as rewarding good behaviour and safe home upgrades, although their discount program is not the most aggressive.
Tower Hill has received mixed ratings from different organizations. It has an A+ rating from the Better Business Bureau for customer satisfaction and an A+ (Exceptional) financial strength rating from Demotech. However, AM Best downgraded their rating to B, indicating concerns about their ability to pay out claims. Tower Hill is not rated by J.D. Power for customer or claims satisfaction, and it has received more complaints than similar-sized insurers, according to the National Association of Insurance Commissioners.
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Frequently asked questions
Tower Hill Insurance received an A (Exceptional) rating from Demotech.
Tower Hill Insurance received a rating of 3.69/5 in customer satisfaction from the Better Business Bureau.
Tower Hill Insurance is not rated by J.D. Power for customer or claims satisfaction.
Tower Hill Insurance is not currently rated by AM Best. However, in the past, AM Best rated Tower Hill Prime as having a negative outlook, and its financial strength rating gradually slipped from A- (Excellent) to B (Fair).
The average cost of home insurance with Tower Hill is $1,128 per year for $300,000 in dwelling coverage, which is 51% lower than the national average. However, another source states the average cost for $300,000 in dwelling coverage is $4,905 per year.
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