Alyssa Lane
American Family Insurance, also known as AmFam, is an American private mutual company that was founded on October 3, 1927, in Madison, Wisconsin. The company focuses on property, casualty, and auto insurance and also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products. American Family Insurance has a broad range of insurance products, including term, universal, and whole life insurance, auto insurance, home insurance, and business insurance. The company also has a rewards system called Dreamkeep Rewards, which provides incentives for customers to complete various online tasks.
| Characteristics | Values |
|---|---|
| Founding Date | 3 October 1927 |
| Founder | Herman Wittwer |
| Headquarters | Madison, Wisconsin |
| Regional Corporate Headquarters | Minnetonka/Eden Prairie, Minnesota; Saint Joseph, Missouri; Denver, Colorado; and Columbus, Ohio |
| Initial Product | Auto Insurance |
| Initial Target Market | Farmers |
| Current Products | Term, universal, and whole life insurance; personal and business auto insurance; personal umbrella insurance; home insurance; motorcycle, boat, motor home, snowmobile, and car insurance; business liability key policy and business policy package insurance; farm and ranch liability insurance; and travel, trip cancellation, and global medical insurance |
| Discounts | Multi-product, Auto Pay, Paperless, DriveMyWay |
| Other Services | Investment and retirement-planning products; HomeGauge home inspection software; Dreamkeep Rewards |
| Notable Lawsuits | 1995 redlining lawsuit resulting in a $16 million payout; 2025 class-action lawsuit regarding withholding of non-material depreciation from structural loss claims in Arizona |
| Notable Campaigns | DreamFearlessly |
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What You'll Learn
Home and auto insurance
American Family Insurance offers a range of insurance products, including home and auto insurance, which can be bundled together for added convenience and savings.
Bundling your home and auto insurance through American Family Insurance offers several benefits. Firstly, it simplifies policy management by providing a single point of contact and allowing you to arrange payments and due dates more efficiently. The MyAmFam app also gives you easy access to your policies and claims, enabling you to manage them from anywhere.
Additionally, bundling can result in significant cost savings. Customers who bundle their home and auto insurance policies can save up to 23% on both policies combined. This discount can be even greater when bundling other types of policies, such as renters, condo, boat, manufactured home, or ATV insurance.
When considering a bundle, it is essential to ensure that the new policies meet or exceed your previous coverage levels and that you understand each policy's deductibles. American Family Insurance agents are available to help you navigate these options and identify any coverage gaps or unnecessary coverages.
Home Insurance
American Family Insurance offers various home insurance options to protect your home and belongings from unexpected events. Their home insurance discounts can help you save money as you build the right policy for your needs.
Auto Insurance
American Family Insurance provides auto insurance with multiple discount opportunities. These include multi-car discounts, good student discounts, good driving discounts, and savings for low mileage drivers. They also offer introductory discounts for new customers and loyalty discounts for long-standing policyholders.
By bundling your home and auto insurance with American Family Insurance, you can benefit from simplified policy management, cost savings, and the peace of mind that comes with comprehensive coverage for your home and vehicles.
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Life insurance
American Family Insurance offers a range of life insurance options to cater to different needs and budgets. The company provides both term life insurance and whole life insurance plans.
Term life insurance from American Family Insurance allows customers to choose from 10-, 15-, 20-, or 30-year level premium periods. This type of policy helps protect a family's financial future up to a specific milestone, such as paying off a home. DreamSecure Term Life Insurance is an affordable option for families on a budget. It can be renewed after the initial term, but at increased premiums, for additional one-year terms of coverage up to the policyholder's 95th birthday.
The company's whole life insurance provides permanent coverage with guaranteed level premiums. DreamSecure 15 Pay Whole Life Insurance, for example, is fully paid after 15 years but provides coverage for a lifetime. Whole life insurance policies also build cash value over time, which can be borrowed against. Additionally, these policies offer living benefits and have premiums that remain the same, regardless of changes in health or age.
American Family Insurance also offers flexible life insurance, which provides long-term, adaptable protection. This type of policy can change as a person's life changes, giving them more control over their life insurance.
The company encourages customers to use their Life Insurance Calculator to determine the appropriate level of coverage and identify the right type of policy. This tool helps customers understand how much life insurance they may need and provides instant price quotes.
Various benefit riders can be added to life insurance policies for additional coverage, such as the Premium Waiver for Disability Benefit Rider, which waives premiums if the policyholder becomes totally disabled, and the Children's Insurance Rider, which provides term life coverage for eligible children.
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Business insurance
American Family Insurance has been in the business of protecting its customers for over 90 years and has been named one of America's Best Insurance Companies by Forbes. The company offers customizable business insurance policies that can be tailored to different industries, including small businesses, contractors, commercial offices, retail stores, and more.
Small business owners can protect their livelihood with American Family Insurance's customizable policies. The company offers 24-hour access to certificates of insurance, policy changes, and the capability to file a claim. Their insurance policies can cover liability, property, inventory, employees, and vehicles. Small business owners can also access safety tools and materials to help make their workplace safer for employees and customers.
Contractors, such as painters, landscapers, and plumbers, can benefit from American Family Insurance's contractor insurance coverage. This coverage includes workers' compensation and employer liability, as well as inland marine protection for tools, equipment, and materials.
For commercial offices, American Family Insurance offers coverage for business equipment, as well as property protection. Their landlord insurance coverage provides support and protection for landlords, helping to pay for repairs in the event of damage to the building.
Retail business insurance from American Family Insurance can help protect against shoplifting, providing coverage for stolen goods up to policy limits. Their optional cyber liability coverage can also help pay for damages and fines incurred in the event of a data breach.
American Family Insurance allows business owners to customize their insurance policies to fit their unique needs and provides access to agents who can offer free, no-pressure advice. With quick pricing and coverage options available online, business owners can easily find the perfect policy to protect their livelihood.
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Investment and retirement planning
American Family Insurance, also known as AmFam, is a Fortune 500 company that offers a range of insurance products, including property, casualty, auto, commercial, health, and homeowners insurance. In addition to insurance, they also provide investment and retirement-planning services.
When it comes to investment and retirement planning, American Family Insurance offers various options to help individuals secure their financial future. One of the key offerings is the 401(K) retirement plan, which allows employees to save and invest for their retirement while benefiting from tax advantages. American Family Insurance matches its employees' 401(K) contributions, enhancing the potential for retirement savings. This company-matched retirement plan demonstrates the company's commitment to supporting its employees' financial wellbeing during their professional journey.
Furthermore, American Family Insurance offers a pension plan as part of its employee benefits package. A pension plan is a significant benefit, providing employees with a steady income stream during retirement. By contributing to a pension plan, employees can ensure they receive regular payments after retiring, making it easier to maintain their standard of living.
In addition to retirement plans, American Family Insurance also prioritises supporting the overall financial wellbeing of its employees. They offer a comprehensive health plan, providing access to medical care and prescription drug coverage. This includes both copay and high-deductible health plan options, ensuring employees can choose the best fit for their needs. American Family Insurance also encourages community involvement and charitable donations, matching donations to eligible organisations through the American Family Insurance Dreams Foundation. This aspect of their benefits programme demonstrates their commitment to supporting employees in all areas of their lives, including their financial and charitable endeavours.
American Family Insurance has a long history, dating back to 1927, of adapting its products and services to meet the evolving needs of its customers. This commitment to adaptability extends to their employees as well, as they emphasise providing resources to support professional development and community engagement. By offering a range of benefits, including investment and retirement-planning options, American Family Insurance strives to take care of the financial wellbeing of its employees.
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Insurance for farmers
Farmers have unique insurance needs that differ from those in other industries. Their work is often their livelihood and is subject to a variety of risks, from the weather to accidents. As such, it is important for farmers to have adequate insurance coverage to protect their farms, ranches, crops, animals, and employees.
Agriculture and farming insurance providers, such as Great American Insurance Group and Farm Bureau Financial Services, offer a range of policies to meet the diverse needs of farmers. These policies can include coverage for full-time farms, ranches, and their agricultural operations, including crops and livestock. For example, Farm Bureau Financial Services offers Farm & Ranch Insurance, which provides coverage for farms and ranches of all sizes, from corporate to hobby farms. They also offer custom agriculture insurance coverage and have a team of dedicated agents, underwriters, and specialists who understand the specific needs of farmers.
Great American Insurance Group has been committed to serving farmers and ranchers for over 100 years. They offer a Total Package policy that includes dwelling, personal property, liability, watercraft, and umbrella coverage in a single policy for farm and equine operations. They also provide Multiple Peril Crop Insurance, Crop-Hail Insurance, and Named Peril Insurance to protect farmers from financial losses due to adverse weather events or other natural disasters.
In addition to these specialized agriculture and farming insurance providers, companies like American Family Insurance also offer farm and ranch liability insurance as part of their range of products. Founded in 1927 as Farmers Mutual Insurance Company, American Family Insurance initially focused on auto insurance for farmers, believing that they presented lower risks than city drivers. Over time, the company expanded its product line to include various types of insurance, including coverage for farms and ranches.
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Frequently asked questions
American Family Insurance, also known as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance. It also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products.
American Family Insurance was founded on October 3, 1927, by insurance salesman Herman Wittwer. At the time, the company's sole product was auto insurance targeted at farmers. Over the years, the company expanded its market and product line to meet the changing needs of its customers. In 1963, the company changed its name from Farmers Mutual to American Family Mutual Insurance Company to reflect its broader customer base.
American Family Insurance offers a range of insurance products, including term, universal, and whole life insurance; personal and business auto insurance; home insurance; and travel, trip cancellation, and global medical insurance.
Customers who bundle home, auto, and life policies may save up to 43% on their home and auto policies. Other discounts include Multiproduct, Auto Pay, Paperless, and DriveMyWay. Discounts may vary based on state, property, policy form, and company underwriting the policy.
