I just got a raise. Will my insurance premium go up?

Property Insurance and Income

There are a number of reasons why your home owner's insurance premium may increase, but your income is not a factor.

If a recent raise means you will make major improvements to your home, or invest in new furnishings or valuables, be sure to review and update your policy and home inventory to include any upgrades or additions.

Worried about your rate? Allstate also offers Claim RateGuard® to protect you from potential premium increases if you have a claim. Talk to your agent to find out if it's right for you.

Auto Insurance and Income

In addition, your auto insurance premiums won't increase just because you received a raise. However, your rate may change (in either direction) if you have recently:

• changed jobs
• moved
• got married
• started using your vehicle for business purposes

Life Insurance Premiums at Work

When you purchase life insurance through work, your salary (or a multiple of it) is tied to your life insurance benefit. You could see an increased amount taken out of your paycheck because, essentially, you have increased your life insurance when you received your raise.

For example, let's assume your old salary was $60,000 (and your life insurance policy at work was based on that), and you pay an extra premium to purchase coverage up to three times your salary. The amount taken out of each paycheck is usually tied to salary level. So, if your salary goes up to $70,000 and you keep the same coverage options, the amount taken out of your paycheck going forward will typically be higher because the amount of insurance is also higher. Talk to your employer about your options if you need to change your coverage.

Allstate understands that your life moves quickly and changes can happen quickly. Review your policy every year with your agent to make sure your coverage needs are met, and you are receiving all available discounts.

To find out the details of your policy, be sure to talk to your agent.