Tower Hill Insurance is one of Florida’s largest insurers of residential and commercial properties. The company has over eight hundred and fifty insurance agencies representing it across the state. The company is among the most trusted insurers, with excellent responsiveness and many choices for policyholders. Known for its exceptional customer service, sound financial stability, and comprehensive coverage options, Towel Hill has been consolidating its position among the market leaders in the industry.
History of Tower Hill Insurance
The company has nearly two million policyholders for homeowners insurance. It has been operating in the state for almost five decades and has several subsidiaries. The company started as an insurance agency. It was founded in 1972 and is based in South Florida. The company is still owned and operated by the founding family. The company has more than four hundred employees.
W.T. Shively founded Tower Hill as Mobile Home Insurance Associates. It moved from Miami to Gainesville in Florida circa 1980. It teamed up with Omega Insurance Company in 1987 and endured the aftermath of Hurricane Andrew in 1992. The company was renamed Tower Hill in 1995. It moved its corporate offices to its present location in 1996 and acquired Regency Insurance Company in 2000. Regency Insurance Company became Tower Hill Preferred. The company continued its acquisitions and expansion simultaneously. It acquired DeSoto Prime Insurance Company in 2003, that later became Tower Hill Prime. It expanded to Kentucky with a base in Lexington in 2004. The same year it formed Tower Hill Select Insurance Company.
The insurer endured the aftermath of hurricanes Charley, Jeanne, Ivan, and Frances, underwent rebranding a year later, and then dealt with the claims following hurricanes Katrina, Dennis, Wilma, and Rita. It partnered up with Royal Palm Insurance Company in 2009. Tower Hill Preferred was merged with the Hillcrest Insurance Company in 2010. The company acquired Royal Palm Insurance Company in 2011 and became an affiliate called Tower Hill Signature. Following hurricane Matthew in 2016, the company expanded to other states while consolidating its market share in Kentucky.
Tower Hill Family of Companies includes Tower Hill Prime, Tower Hill Preferred, Tower Hill Select, Tower Hill Signature, and Omega Insurance Company. In addition, the company has several commercial and specialty insurance partners, such as RenRe and Ascot Syndicates at Lloyd’s, XL Catlin, and SkiSafe. All companies of Tower Hill Insurance have excellent ratings for financial strength from independent agencies such as Demotech.
Products of Tower Hill Insurance
The products offered by Tower Hill are broadly categorized into two types, personal coverage and commercial coverage. The individual range for homeowners includes standard and additional or optional policies. Homeowners’ insurance policies are available per a residential property’s location, architecture, square footage, and other attributes. As a result, there are various policies to choose from, and most of them can be customized to meet specific requirements.
The company offers insurance policies for landlords. It could be a duplex, single-family dwelling, or condominium. The owner may presently occupy the property or be rented out. Such policies provide standard coverage. There are standalone fire insurance policies as well. Condo insurance is a separate subcategory in personal coverage. These policies usually offer a range of personal belongings in case of theft or burglary and damage caused by fire. In addition, the scope includes personal liability for accidents that may happen in the condo.
There is renters insurance for tenants who want coverage for their possessions. The range is applicable for known perils, including inclement weather and burglary or theft. There is standalone flood insurance for homeowners, landlords, and renters. Flood insurance can also be included in homeowners’ policies. There are policies for mobile homes and watercraft, among other residential properties and assets. Watercraft insurance is provided via SkiSafe.
Commercial coverage is primarily for business owners but also applicable to associations of owners of residential properties, including apartment complexes and buildings of condominiums. Commercial coverage provided by Tower Hill is relatively more affordable in the state compared to the propositions of other insurance companies. There is standard and optional coverage to choose from. In addition, policyholders can opt for value-added benefits such as risk-based recommendations and onsite visits by loss control specialists. Tower Hill Insurance is now offering Commercial Lines monoline property policies. These are relevant for veterinary and preschool businesses in the state. These policies are available via Tower Hill Prime Insurance Company. Commercial coverage is available for apartments, condominiums, townhomes, and homeowners associations, primarily for common areas and investment or rental properties rented out en masse.
Tower Hill has policies for homeowners associations, cooperative-owned communities, planned unit developments, offices, and retail facilities, including shopping centers with multiple tenants or lessees, hotels, and motels. The hotels and motels may be owned individually, or they could be franchises. Manufactured housing communities such as housing parks, travel trailer parks, resident-owned parks, and campgrounds with five sites or more can get commercial coverage from the company. In addition, the insurer has policies for wholesale businesses, condominiums, and apartment complexes occupied by owners and rental dwellings, self-storage facilities, and warehouses.
The inventory of products or the range of policies of the insurance company is amongst the most diverse and inclusive for insurers not just in the state but across the country. The relevance of specific policies and inclusiveness, so the insurer matters for different policyholders, have made it a preferred brand in the sunshine state. The company has a simple claims settlement process. It has helpful and resource customer service executives who can provide prompt assistance at any correspondence stage. The spectrum of subsidiaries enables the company to offer highly personalized and targeted policies for specific needs. The company does not have to try and deal with diverse needs under the same brand name. The strategic partnerships with specialized companies also help the insurer to find a foothold across niches.
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