Tower Hill Insurance Review for 2020
Offering homeowners insurance in the state of Florida, Tower Hill Insurance Group (THIG) is an insurance company well-versed in the risks to which the state is susceptible. Florida’s proximity to the coast elevates its risk of natural disasters like windstorms, hurricanes, and subsequent flooding. Based in Gainesville, Florida, Tower Hill is no stranger to these perils, providing competitive insurance products that cater to the needs of Florida homeowners. Included in the company's offerings include flood insurance, which is typically not a part of most private insurers’ portfolio of insurance products.
If you’re a homeowner in Florida, Tower Hill may be a convenient home insurance option. Subsidiaries in the insurer's network include Tower Hill Prime, Tower Hill Preferred, Tower Hill Select, Tower Hill Signature, and Omega Insurance.
Tower Hill home insurance coverage options
For homeowners insurance, Tower Hill offers two coverage tiers. The best tier for you depends on your needs as a homeowner, including your property details and your home's overall value.
The basic tier is Tower Hill’s standard home insurance policy. This coverage is in line with many other companies' homeowners policies. It offers common coverages you might find while comparison-shopping: it is essentially an HO-3 home insurance policy.
- Dwelling coverage: Coverage A protects the structure of your home with replacement cost value.
- Other structures: Also known as Coverage B, this safeguards property that is detached from your home, like a shed or garage.
- Liability coverage: If you’re liable for damage to someone else’s property or if someone sues you after suffering a bodily injury on your property, liability coverage is to be used as a method of defense and helps cover expenses, like legal costs.
- Personal property: Coverage C protects the contents of your home, including valuables like electronics and furniture. Policyholders can choose to add a "personal articles" endorsement to safeguard high-value items like jewelry and antiques.
- Additional living expenses: If you can no longer live in your home due to a covered loss, Coverage D will cover your living expenses if you need to temporarily relocate.
High-value home coverage
This coverage tier offers extra protection for customers with high-value homes. Tower Hill Insurance Group offers two programs for those seeking more comprehensive coverage. Here are the key coverage differences between the company's Prime Plus and Spire programs.
|Coverage type||Prime Plus||Spire|
|Dwelling coverage extended replacement cost||25% by endorsement||20% included; can be extended to 50%|
|Screened enclosure (i.e. covered porch, screened patio, etc.)||$10,000; can be extended to $50,000||No limit|
|Deductible waiver (for large loss caused by a peril other than hurricanes)||None||Up to $25,000|
|Debris removal||Up to 5% of dwelling coverage limit; up to $400 for tree removal||Up to 10% of dwelling coverage limit; up to $1,000 for tree removal|
|Landscaping (replacement of trees, shrubs, plants)||5% of dwelling coverage limit; $1,000 per item||5% of dwelling coverage limit; $2,500 per item|
|Liability||Up to $500,000||Up to $1 million|
|Medical payments to others||$1,000; can be extended up to $10,000||$5,000; can be extended to $10,000|
|Personal property (Coverage C)||Named perils; can upgrade to open perils||Open perils|
|Personal property replacement cost||Available||Included|
|Personal articles special limits||$5,000||$5,000; $10,000 for grave markers|
|Additional living expenses||Up to 30% of dwelling coverage limit||Up to 30% of dwelling coverage limit|
Each program offers expanded coverage if you require a greater-than-average level of insurance, with expanded limits for high-value homes. If your home is valued at greater than $750,000, finding an insurer that specializes in insuring expensive properties could be worthwhile.
One of the coverage options that sets Tower Hill apart from home insurance competitors is its flood insurance. Floods are generally excluded in most homeowners insurance policies, and the default option for homeowners looking for flood insurance is usually the National Flood Insurance Program (NFIP).
Tower Hill offers flood coverage in the form of an endorsement or private flood program policy. A plus of adding this endorsement to your existing Tower Hill home policy is that you’ll only have to deal with one invoice for both coverages.
It also offers greater coverage than what you’d get with the NFIP. Tower Hill’s coverage limit for flood losses is $5 million for your dwelling and $3.5 million for home contents. The NFIP’s limits are $250,000 and $100,000, respectively. In addition, while the NFIP has a 30-day waiting period, Tower Hill’s flood insurance waiting period is 15 days, and their flood endorsement coverage has no waiting period.
Tower Hill insurance discounts and reward programs
THIG offers fewer discounts than most home insurance providers. These discounts may vary, so consult your insurance agent or insurance agency to see which discounts you qualify for.
- Bundling discount: Enroll in more than one Tower Hill insurance policy to earn a small discount.
- Claims-free discount: If you haven’t made a claim in the last three years, you can expect a lower premium.
- Paid-in-full discount: Pay your premium in one payment and you’re good for the year, in addition to getting a small discount.
- Home security and fire prevention discounts: If you lower your risk by equipping your home with a central fire and smoke alarm, burglar alarm, deadbolts, or a fire extinguisher, Tower Hill offers small discounts that can help lower your rate.
Additional lines of insurance
Tower Hill offers multiple lines of insurance, which may be convenient for bundling if you need more than just a home insurance policy.
Is Tower Hill insurance right for you?
If you own a high-value home in Florida, Tower Hill offers coverage tiers that may help you retain the value of your property if it is damaged. But what makes Tower Hill especially appealing is its addition of flood insurance, which may be added as an endorsement or purchased separately. The fact that Tower Hill's coverage goes beyond what's available via an NFIP plan, and can be paid for as an addition to your home insurance on one invoice, sets it apart from other insurers' offerings.
With the risks of coastal living in the Sunshine State — known for its vulnerability to hurricanes and tropical storms — Tower Hill could be a solid option with local expertise. But if the price isn’t right, continue comparing homeowners insurance rates. The best way to find affordable rates is to compare quotes from as many insurance companies as possible.