Tower Hill Insurance Approved for Citizens Takeout

Tower Hill participates in Florida’s Citizens Property Insurance depopulation program

In 2013, the Florida Office of Insurance Regulation approved three Tower Hill Insurance companies — Tower Hill Preferred, Tower Hill Prime and Tower Hill Signature — to participate in a Citizens Property Insurance Corporation takeout program.

Through the program, the Tower Hill companies were approved to assume nearly 100,000 multi-peril policies from Citizens, giving participating policyholders the option to move their coverage to a private insurance carrier.

Tower Hill and the Citizens Takeout Program

Beginning in November 2013, Tower Hill planned to offer homeowners insurance coverage to customers whose policies were selected for the takeout program.

Policyholders and their insurance agents had the option to remain with Citizens or transfer coverage to one of the participating Tower Hill companies. Agencies that did not already have a relationship with Tower Hill could also receive a limited contract to continue servicing customers who chose Tower Hill.

Tower Hill Select, another Tower Hill affiliate, had previously participated in the Citizens depopulation program earlier in 2013.

Tower Hill’s Commitment to Florida

At the time of the announcement, Tower Hill emphasized its long-term commitment to the Florida insurance market and its history serving Florida homeowners.

The Citizens takeout program was part of a broader effort to move eligible policies from Florida’s state-backed insurer of last resort into the private insurance market.