The Home Insurance Scenario in the High-End Neighborhoods of Raleigh, NC
Prospective homeowners scouting for houses in Raleigh (North Carolina) have a tough choice to make.
Prospective homeowners scouting for houses in Raleigh (North Carolina) have a tough choice to make. Most of the high-end neighborhoods of the city offer numerous amenities that are almost impossible to overlook—proximity to reputable school districts, near entertainment and recreation spots, and with easy access to the commercial quarters of the city.
On the other hand, the home insurance premium rates in most of these neighborhoods are some of the highest in the city. House hunters in Raleigh may be forgiven being in a dilemma. If you too are one of them, you should know more about the situation so that you can make a decision that is a happy compromise between the amenities to be found in a high-end neighborhood and the amount you will need to fork out as home insurance premium.
Neighborhood Watch
The median price of a house in Raleigh is about $200,000. But the neighborhoods are strewn with houses whose prices range from the lower end of the $100,000s to up to $4,000,000. But of course, the host of conveniences of living in these neighborhoods justifies the steep price tags.
North Raleigh is one of the fastest-developing communities in the city. There are houses priced between $200,000 and more than $1,000,000 in areas like North Ridge while the newly-constructed condominiums in Falls River cost an average of $100,000. There are more upscale neighborhoods even in this posh part of the city. For instance, houses in Crossmoor, Olde Creedmoor, Chatsworth, and Traemoor can be tagged at anything between $500,000 and $2,000,000. On the other hand, houses in Wakefield may be priced at up to $4,000,000, which is staggering even by North Raleigh standards.
West Raleigh is also a high-end neighborhood of the city. Homes in Glenoe range in price between $215,000 and $350,000 while the condos in Cameron Village are priced at around $135,000.
Residential properties in the north, west, and north-west parts of Raleigh attract families because of their proximity to the Wake County School District and the presence of many reputable schools here, like the Friendship Christian School, the Ravenscroft School, and the West Millbrook Middle School. Besides, the presence of major thoroughfares like Ray Road and Lynn Road that crisscross the region make it convenient for residents here to commute to other parts of Raleigh for business and recreational purposes.
The above-mentioned neighborhoods definitely sound enticing. However, residents on an average pay much more than the state average home insurance premium of $757 a year in Raleigh, NC. So if you do want to buy a house in these parts of Raleigh, keep in mind that you will not only have to shell out more to buy a property but also pay more to hold a policy. Insurers may charge more in premium if you happen to buy old homes in areas like North Ridge. However, buying multiple policies from the same insurer may make you eligible for discounts. For instance, pooling a home insurance policy with an auto policy may bring down the premium amount by 25%.
According to the Bloomberg, Raleigh is one of the top American boomtowns right now. Jobs are being created by the hundreds here and these attract people from all over the world. For instance, Brier Creek, another one of the high-end neighborhoods of the city, attracts teeming thousands of house hunters by dint of its proximity to the Research Triangle Park. Expect both real estate prices and home insurance premium rates in these high-end neighborhoods and others in the city to soar in the coming days.