What’s New with Tower Hill Insurance Review?
Tower Hill Insurance has made significant moves in recent years, focusing on strengthening its presence in the Florida homeowners insurance market. Here’s what’s new:
- December 2023: Tower Hill broke ground on a new headquarters in Alachua County, reinforcing its commitment to Florida homeowners.
- June 2023: Tower Hill Insurance Exchange secured nearly $2 billion in catastrophe reinsurance—an increase of almost $120 million from the prior limit.
- September 2022: Following Tower Hill Prime’s exit from Florida’s insurance market, AM Best no longer rates Tower Hill. However, Demotech awarded the company an A (Exceptional) rating in its 2023 Tower Hill Exchange Annual Report.
- January 2022: Tower Hill transitioned its personal lines policies to Tower Hill Insurance Exchange, a reciprocal insurer model where policyholders share risks and underwriting profits.
Tower Hill Homeowners Insurance Review
Tower Hill operates multiple insurance subsidiaries, including Tower Hill Prime, Tower Hill Specialty, and Tower Hill Insurance Exchange. Its policies can be customized with endorsements like flood insurance, watercraft coverage, and high-value home insurance.
However, Florida homeowners should note that Tower Hill Insurance Exchange replaced Tower Hill Prime’s personal lines policies, bringing changes in coverage structure and risk-sharing. The company has yet to disclose specific coverage modifications.
Pros and Cons of Tower Hill Homeowners Insurance
✅ Pros:
- Offers customizable endorsements, including the “Emerald” package for enhanced coverage.
- Provides private flood insurance, either as an endorsement or standalone policy.
- Policyholders in Tower Hill Insurance Exchange share underwriting profits.
❌ Cons:
- Limited home insurance availability outside Florida.
- No mobile app for claims or policy management.
- Not rated by J.D. Power for customer satisfaction.
Tower Hill Homeowners Insurance Cost
The average Tower Hill homeowners insurance policy costs $4,857 per year for a $300,000 dwelling coverage limit. This is significantly higher than the national average of $2,258 per year.
| Dwelling Coverage Limit | Tower Hill Average Premium | National Average Premium |
|---|---|---|
| $150K | $2,665 | $1,344 |
| $300K | $4,857 | $2,181 |
| $350K | $5,576 | $2,430 |
| $450K | $6,691 | $2,934 |
| $750K | $8,318 | $4,189 |
Rates may fluctuate, so compare home insurance quotes regularly.
Comparing Tower Hill Home Insurance to Other Insurers
| Company | Avg. Annual Premium | Difference vs. National Average |
| Tower Hill | $4,857 | + $2,599 |
| State Farm | $1,916 | – $342 |
| Allstate | $2,487 | + $229 |
| USAA | $1,289 | – $969 |
| Travelers | $1,991 | – $267 |
How Tower Hill Compares to Olympus Home Insurance
Many homeowners compare Olympus HO3 vs. Tower Hill HO3 home insurance reviews before choosing a provider. Here’s what you need to know:
- Tower Hill’s average rates are significantly higher than Olympus.
- Olympus Insurance offers a more traditional risk model, while Tower Hill Insurance Exchange operates under a reciprocal insurance model.
- Tower Hill provides more extensive coverage endorsements, including high-value home insurance and flood insurance.
Which insurance is better—Tower Hill or Olympus? The answer depends on your location, risk tolerance, and coverage needs. If you prioritize customizable coverage and don’t mind higher premiums, Tower Hill may be a good choice. If you prefer a more traditional insurance provider with lower premiums, Olympus might be better.
Tower Hill Insurance Ratings & Reputation
- AM Best Ratings for Tower Hill Insurance: Not available. Previously rated, but AM Best withdrew its rating after Tower Hill Prime exited Florida.
- Demotech Rating: A (Exceptional) for Tower Hill Insurance Exchange.
- Tower Hill Insurance Reviews BBB: Mixed customer reviews, with complaints mainly about rising premiums and claims handling.
- Is Tower Hill Insurance backed by the state of Florida? No, Tower Hill operates independently.
- Tower Hill Insurance Exchange Complaints: Some policyholders report premium hikes and difficulties with claims processing.
Tower Hill Insurance Coverage Options
✅ Standard Coverages
- Homeowners insurance (HO3)
- Condo insurance
- Renters insurance
- Commercial insurance (available in TX, AL, SC, FL)
- SkiSafe watercraft insurance
- Flood insurance (standalone or add-on)
Tower Hill Insurance Claims & Customer Experience
Tower Hill Insurance claims phone number: 1-800-342-3407
Filing a claim is simple and can be done online through the Tower Hill policy portal or by calling their claims department. To expedite the process, have your policy number, loss details, and any supporting documents ready.
Is Tower Hill Insurance Going Out of Business?
No. Tower Hill Insurance Exchange replaced Tower Hill Prime in Florida, transitioning policyholders to a reciprocal insurance model. Despite the challenges of Florida’s insurance market, Tower Hill remains active and continues writing policies.
Final Verdict: Is Tower Hill Home Insurance Right for You?
Tower Hill Insurance is a strong option for homeowners in high-risk areas, particularly in Florida, where finding coverage can be difficult. However, its high premiums, lack of an AM Best rating, and mixed customer reviews may make some homeowners hesitant.
Before making a decision, compare Tower Hill Insurance reviews Florida and Tower Hill vs. Olympus home insurance to see which provider better suits your needs. If you’re in Florida and need flexible coverage options, Tower Hill’s Exchange model may be worth considering.
Get a Tower Hill Home Insurance Quote Today!
Looking for a Tower Hill insurance quote? Contact their official website at thig.com or call 1-352-332-8800 for more information.
Want to know more about other insurances, Read our latest articles.
