Ameriprise Financial is best known as a wealth management and financial planning firm, but it also underwrites auto and home insurance — often distributed through Costco — and life insurance through its subsidiary RiverSource. This review covers each product line, the available discounts, and what third-party reviewers have found.
Disclaimer: This article is for educational purposes only and does not constitute personalized insurance advice. Coverage availability and terms vary by state.
History of Ameriprise
Ameriprise traces its roots to 1894, when John Tappan founded Investors Syndicate with backing from 1,000 investors contributing $5 each. The company changed hands in 1925, survived the Great Depression, expanded into mutual funds in 1945, and launched a life insurance arm in 1957.
In 2005, the company separated from American Express and registered as Ameriprise Financial, an independent publicly traded company. At the same time, its property-casualty division was rebranded from American Express Property Casualty Insurance to Ameriprise Auto & Home Insurance. Today the company pairs financial advisory services with insurance products and maintains charitable partnerships with Feeding America and the American Red Cross.
Types of Insurance Offered
Ameriprise Auto Insurance
Ameriprise auto insurance is frequently offered as a member benefit through Costco. Coverage is available at two tiers tied to Costco membership level, plus direct policies for non-members.
Coverage Features
Costco Gold Star membership tier — windshield repair with deductible waived; travel and accommodation reimbursement if your insured vehicle is involved in an accident more than 100 miles from home.
Costco Executive membership tier — all Gold Star benefits, plus up to $75 in roadside assistance (flat tire, out-of-gas, dead battery); lifetime renewal guarantee regardless of claims history.
Policies purchased directly from Ameriprise (outside Costco) include the same core protections as the Gold Star tier, plus the option to add roadside assistance and lock replacement coverage (deductible waived for bills under $250).
Available coverage types include:
- Comprehensive and collision
- Roadside assistance and towing
- Rental car reimbursement
- Bodily injury and property damage liability
- Uninsured/underinsured motorist coverage
- Medical expense and personal injury protection (PIP)
- Guaranteed auto protection (GAP)
Auto Discounts
- Good Driver Discount (California only)
- Premier Safety Discount
- Defensive Driver Discount
- Vehicle Safety Features (anti-lock brakes, airbags, automatic seatbelts, anti-theft devices)
- Garaging Discount
- Good Student and Student Away Discounts
- Education Discount
- Multi-car and Multi-product Discounts (bundling auto with home, umbrella, or both)
- Tenure Discount
Ameriprise Homeowners Insurance
Ameriprise home insurance covers a range of property types and includes several coverage add-ons not universally offered by competitors.
Coverage Features
Standard coverage options include:
- Dwelling Coverage — repairs or rebuilds your home after covered perils (fire, lightning, vandalism). Damage from lack of maintenance is excluded.
- Other Structures Coverage — garages, driveways, outbuildings (availability varies by state).
- Personal Property Insurance — covers furniture, electronics, and other non-permanent items; keeping a home inventory speeds up future claims.
- Scheduled Personal Property — designates specific high-value items (jewelry, cameras) for individual coverage at policy sign-up.
- Homeowners Endorsements — optional add-ons for home media equipment, adventure gear, water backup and sump overflow, and personal injury liability.
- Earthquake Insurance — covers personal belongings, debris removal, building code compliance upgrades, and additional living expenses during repairs.
- Mine Subsidence Insurance — available in coal-mining regions; covers property damage from mine collapse or erosion.
- Loss of Use Coverage — pays for lodging, meals, pet care, storage, and utilities while your home is being repaired.
- Personal Liability Insurance — covers legal costs if you are found liable for accidental damage or injury to others.
- Medical Payments Coverage — pays for injuries to guests on your property regardless of fault.
- Adjustable Deductible Option — allows a lower deductible for hurricane, wind, or hail claims in exchange for a reduced premium.
Additional perks included in the policy:
- Identity Theft Protection — up to $5,000 toward costs from fraud or identity theft.
- Stolen Credit Card / Check Fraud Protection — reimbursement for unauthorized charges; no deductible applies.
- Food Spoilage Protection — up to $500 for spoiled food after a covered power outage; no deductible.
- Lock Replacement Expense Protection — up to $100 if your home is broken into.
Home Insurance Discounts
- Advisor Affinity Discount — bundling home insurance with an Ameriprise financial advisor relationship may unlock auto discounts.
- Age of Home Discount — newer purchases may qualify for lower rates.
- Claims-Free Discount — five or more years without a claim earns a discount.
- Protective Devices Discount — smoke alarms, monitored security systems.
- Tenure Discount.
- Multi-Product Discount — adding umbrella coverage to an existing auto and home bundle reduces the home premium.
- Renovation Discount — roof replacement, plumbing upgrades, or other licensed contractor work meeting local codes.
Ameriprise Life Insurance
Life insurance through Ameriprise is underwritten by RiverSource, a wholly owned subsidiary. Policies are available in 10-, 15-, 20-, and 30-year term increments, as well as universal life and variable universal life options.
Key features:
- Death benefit paid to beneficiaries income-tax-free.
- Cash value growth through income-tax-free loans and withdrawals, with tax deferral on gains.
- Lifetime guaranteed death benefit set above total premiums paid.
- Ability to transfer deferred assets to beneficiaries’ IRAs and 401(k)s.
Customer Reviews
NerdWallet rates Ameriprise’s insurance products 3.5 out of 5 stars, citing a wide discount lineup as a strength. Drawbacks noted include limited state availability and an above-average auto and home complaint rate; life insurance complaints were below average.
ValuePenguin found that home insurance customers generated about 25% fewer complaints than the industry median, while auto insurance customers filed roughly 37% more complaints than average — with unclear pricing and poor communication around rate changes cited most often. Their overall rating is also 3.5 out of 5 stars.
Ameriprise complaints vs. industry median, by product line
Consumer Affairs aggregates to approximately 3 out of 5 stars. Negative reviews focus on abrupt coverage denials and slow beneficiary change processing. Positive reviews highlight friendly Costco-channeled customer service and responsive agent support for new policyholders.
The Bottom Line
Ameriprise is a legitimate option — particularly for Costco members who value the bundled perks and discount stack. Its home insurance complaint ratio is below average, and the policy features are competitive. The main caveats: auto insurance complaint rates run high, availability is not nationwide, and pricing transparency has been a recurring criticism. As with any carrier, get multiple quotes before committing.