Kin Insurance vs Tower Hill: A Detailed Review

A Brief Intro

When it comes to homeowners insurance, you have a few different choices. You can go with a national carrier like Allstate or State Farm. Or, you might opt for a regional insurer like Tower Hill or Kin insurance.

Both Tower Hill and Kin have their pros and cons, so it’s important to compare them side-by-side to see which one is right for you. Florida and Louisiana are the only two states Kin insurance currently serve. Tower Hill Insurance, on the other hand, has 850 independent insurance agencies in Florida alone. Its list of serving constitutes 17 more states apart from the above two, including Texas, South Carolina, Michigan, and Indiana.

Tower Hill Insurance is an older company, founded in 1972. It serves more than 1.7 million customers and has a 5.96 percent market share of the Florida homeowners insurance market. Kin is a good choice if you’re looking for a company with a modern approach. It was founded in 2016 and is based in Chicago.

While Kin insurance offers coverage through the federally backed National Flood Insurance Program (NFIP), Tower Hill Insurance offers extended replacement costs, scheduled personal property, and identity fraud expenses.

Tower Hill

One of Tower Hill Insurance’s products is the T-shaped flood insurance policy that covers events such as fraudulent credit card purchases. Talking in-depth about Tower Hill insurance is like talking about a best-quality car. It is reliable and offers a lot of features.

The maximum average limit for extended replacement cost coverage is up to 50% above your dwelling replacement cost, which typically applies when costs are unexpectedly high, such as during labor shortages after a hurricane or other disaster.

For scheduled personal property coverage, the maximum average limit is up to 50% of the contents or $1 million, whichever is greater.

Identity fraud expenses coverage has a maximum average limit of $15,000.

Kin Insurance

While Tower Hill’s roots are strong due to its long existence in the industry, Kin’s strength lies in its customer base. Kin Insurance has an A (Exceptional) rating from Demotech. It offers insurance based on replacement cost rather than actual cash value, which deducts depreciation from your claim payout.

This is beneficial in the event you suffer covered property damage, as it will ensure you get the full amount required to replace what you lost. Kin also offers a variety of different types of home insurance policies, including HO-3 policies for typical homes, HO-6 policies for condos, HO-7 policies for mobile homes, and DP-3 policies for landlords. The company is easy to work with and has a user-friendly website.

However, Kin doesn’t offer a bundling discount. And, its pet liability coverage costs extra.

Differences in Reviews

No insurance company can expect 100 percent positive reviews all the time, review history gives a sense of what the company does well and where it falls short. Kin insurance undoubtedly reigns in this section with a 4.5 rating by nerdwallet, vs a 3.0 for Tower Hill.

Although there are some Tower Hill reviews that do mention poor claims experiences, arguments do exist that there are not enough public data for Kin to support any significant trends.

Why do most people leave better reviews for Kin insurance?

  • Tower Hill has been known to try and find loopholes to make the claims process more difficult for customers, while Kin makes it a priority to get in touch with policyholders immediately after a storm.
  • Kin uses virtual inspections to streamline the claims process, but customers will still get personalized, human service throughout their claims.
  • All contractors that are part of Kin’s Managed Repair Network are thoroughly vetted, licensed, insured, and local.

Having insurance is important because it protects you financially in case of an accident or emergency. However, it’s important to understand that every insurance policy has exclusions. This means that there are certain things that your insurance company will not cover. Some insurance companies try to find loopholes to make the claims process more difficult for customers. This can be frustrating and cause customers to leave negative reviews. Kin insurance is different. Their goal is to be helpful and available before you even need them. This way, the insured can be sure that they are getting the coverage they need.