Bronx County

Bronx County - Driving Statistics and Analysis

An estimated 841,978 private and commercial automobiles are registered in Bronx County (The Bronx Borough). This number accounts for approximately 7% of all vehicles with New York-issued license plates.

While the majority of Bronx residents choose public transportation, over 24% of adult drivers in Bronx County commute to work by themselves, and more than half of those commutes last for over 30 minutes.

Motor Vehicle Crashes in Bronx County

According to the New York State Department of Motor Vehicles (DMV-NY) and the Institute for Traffic Safety Management and Research (ITSMR), between 2018 and 2021 there were 80,155 crashes in Bronx County: with 157 of them fatal. Property damage occured in 54.81% of those crashes, while personal injury was sustained in 44.97% cases.

Motorcycles in Bronx County accounted for an average of 291 crashes annually: with personal injury as a result in 69.54% of cases and property damage in 20.39%.

Auto Insurance Analysis

1. Over 800 thousand vehicles registered in Bronx County need insurance coverage: No-Fault Personal Injury Protection (PIP) coverage, and Property Damage and Bodily Injury Liability are required for all vehicles on the road. Depending on the type of vehicle and its use (commercial or private), the additional required insurance may be: Private Auto, Commercial Auto, Comprehensive Coverage, Non-owners car insurance, Commercial or Farm Transportation, Inland Marine, Gap, Ride-sharing, Temporary car insurance, and so on.

2. Since New York is a no-fault state, the bodily injuries you sustain in an accident are paid by your own insurance - regardless of fault. If the bills for the treatment exceed your coverage limits, you can get the overage from the guilty party. Meanwhile, property damage is paid by the at-fault party.

3. The amount of vehicles on the roads of Bronx County keeps going up year after year, and even though the uninsured rate of drivers across the state of New York remains at under 5 percent, the sheer volume of automobiles utilizing heavily congested roads increases the need for Uninsured Motorist coverage. You simply never know how much coverage the car next to you will have.

To discuss your auto insurance needs and to find affordable car insurance in Bronx County, contact a knowledgeable Property & Casualty (P&C) insurance agent licensed in the state of New York.

Bronx County - Housing Statistics and Analysis

Unlike the majority of New York state, where the residential marketplace is split almost evenly between homeowners and renters (54% to 46%), around 80% of Bronx County’s estimated 549,084 dwellings in 2022 were rentals, making it the state leader with the highest percentage of its real estate for rent. Meanwhile, Nassau County has the most homeowner-occupied homes in the region (around 81%).

Statewide, Hamilton County has the highest homeownership rate, with just 13% of its homes being rentals.

Nearly 39% of housing units in Bronx County experience housing problems, overcrowding, poor plumbing, or issues with the kitchen. In 1 out of 3 homes, residents spend more than 50% of their income on housing.

Housing Insurance Analysis

1. Nearly 550 thousand housing units in Bronx County need insurance coverage. At a minimum, all owners of these properties should have Homeowners, Condo insurance, and/or Business property insurance (for apartment complexes), to protect the underlying financial investment from possible loss or damage.

2. With nearly 440,000 housing units in Bronx County as rentals, landlords obtain Landlord Insurance, which covers the property itself and from the possible liability claims arising from the tenants and their guests.

3. Renters insurance Bronx: Tenants buy Renters Insurance coverage to protect their belongings from possible damage or loss while residing in a rented space. Average renters’ insurance is inexpensive and usually covers the tenant's property from theft and damages caused by fire, smoke, water, and vandalism. Most landlords in Bronx County will require Renters insurance as a condition of the lease.

4. Bronx County is located on the coast, not far from one of the main hurricane formation areas in the Atlantic Ocean. According to the National Oceanic and Atmospheric Administration (NOAA), the recent increase in temperatures creates favorable conditions for the formation of strong storms. Up to 10 of the annually projected 20 storms in the Atlantic have a chance of turning into hurricanes, bringing in primarily wind and flood damage. The highest probability of a hurricane occurrence in Bronx County is between early June and the end of November. Every New York area resident should be aware of the procedures and safeguards set in place by the local city, county and State agencies. All homeowners, landlords, and renters in Bronx County need to maintain appropriate insurance coverage to protect their property against possible loss and damage from wind and water damage.

For consultation and advice about Homeowners, Renters, Condo, Flood, and other types of insurance in Bronx County, contact a Property & Casualty (P&C) insurance agent licensed by the state of New York.

A New York P&C insurance agent:

• analyzes your needs and restrictions,

• reviews your current policy, to make sure that the coverages are reflective of the current needs and housing market- helps to update, if needed,

• researches the locally available plans that fit your needs and is usually able to find a better deal than a consumer can find on their own,

• checks for available savings and bundling discounts,

• provides you with the available options of coverage,

• explains how the differences between the options affect you once you start using each insurance product,

• assists you with the application process.

Bronx County - Health Statistics and Analysis

In Bronx County, around 11% of adult residents under the age of 65 lack proper health insurance coverage, which is higher than the state average (≈8%), but not the highest in the region. The lowest uninsured rate among the neighbors is in Nassau County, while the highest is in Queens County, which is also the highest statewide.

The lowest uninsured rate in the state of New York is observed in Saratoga County, at under 5% of the adult residents.

Around 29% of adults in Bronx County report problems with health. This is partially due to the fact that 30% of the Bronx County population do not participate in physical exercise activities. About 29% of the Bronx County adult residents are considered obese (with a BMI of 30 or more), which is higher than the New York state average of over 26%, this percentage is also the highest in the region. Among the neighboring counties, New York County has the lowest obesity rate at 16%.

In 2022, 211,226 Bronx County residents were enrolled in Medicare, with the following utilization:

In 2022, there were 12 health insurers in Bronx County, offering affordable and frequently subsidized ACA health insurance on the New York State of Health marketplace.

Health Insurance Analysis

1. Health insurance is the most important insurance coverage, and nearly 95 thousand adult Bronx County residents lack this necessity.

2. Even though New York is among the states that do not allow the sale of multiple types of alternative health insurance options, Bronx County residents can shop for the choice of their plans on a state-run health care exchange. While Group or Individual Marketplace ACA health insurance are the staples of coverage for New York City residents, supplementary options can also be purchased. For example, Hospital Indemnity insurance and Accident & Health insurance can help cover the out of pocket expenses such as deductibles, copay, and coinsurance, in case of emergency. Disability Income coverage pays out if you are missing work and pay due to a disability.

3. Low-income health insurance: If health insurance is not being secured due to unaffordability, low-income residents of Bronx County are generally advised to request for government health insurance subsidies, which can substantially lower the health insurance cost.

Discuss your health insurance needs with a knowledgeable state-licensed New York health insurance professional with access to a variety of health insurance options available to Bronx County residents. Offerings of health insurance coverage and its pricing may differ between zip codes.

A New York health insurance agent: analyzes your health needs and restrictions, researches the locally available plans that fit your needs, provides you with the available options of coverage, and explains how the differences between the options affect you once you start using each insurance product. The agent researches the available discounts and bundling options, assists you with the application process, and at any time you need to make a change to the policy, or shop for replacement coverage.

Bronx County - End of Life Statistics and Analysis

Average life expectancy for the residents of Bronx County is nearly 81 years old, which is at par with the state average in New York (81.4), this average is also the shortest in the region. The longest life span recorded in the area, as well as statewide, is in New York County, nearly 4 years longer than the state average. The shortest life span in New York state is seen in Chemung County, at under 77 years old.

In 2022 there were approximately 184,785 seniors (65 and older) residing in Bronx County.

Life Insurance Facts

1. In 2022, 47% of Americans did not have an active life insurance policy of any type.

2. Life insurance premiums are based on the age of the insured when the policy begins, among other factors. That is why young adults are advised to acquire a life insurance policy while they are still young and healthy to save money in premiums over the course of the policy.

3. Over 18% of the adults in Bronx County smoke, and this habit will likely affect the life insurance costs of more than 188,000 adults by up to 4 times compared to non-smokers. A smoker’s life expectancy is deemed shorter, making them more of a risk than people who do not smoke.

4. Besides the death benefit, Cash Value life insurance can be used for Living Benefits by the insured while they are still alive, to borrow against it, or even used as a source of tax-free retirement income.

Bronx County - Funeral Expenses Statistics and Analysis

Funeral expenses in Bronx County differ substantially. The average price of a funeral in Bronx County is around $6,400, which is lower than the New York state average (of $6,500) and also the lowest among all its immediate neighbors. The highest burial cost in the area is in Nassau County at around $8,500. Suffolk County tends to have the most expensive funerals in the state of New York, (≈ $10,500), while Erie County is the least expensive (under $5,000).

Life Insurance Analysis

1. With 46% of Americans dying with savings of less than $10,000, over 85,000 Bronx County senior residents could be placing the unnecessary and frequently unbearable financial burden on family and friends. Instead of grieving their loss, the family now must concentrate on finding a way to settle the costs.

(Note: If using life insurance as payment for the funeral services, most funeral homes require the policy to be “assignable”)

2. Besides the burial costs, the deceased frequently leave taxes and other debt behind for the family to take care of. Discuss your senior life insurance options with a licensed New York life insurance professional.

3. The most frequently used life insurance policies to cover “final expenses” up to $50,000 are: Term Life Insurance and Final Expense (also known as Burial insurance).

4. The most commonly used life insurance policies to leave money to the family are the variations of: Term Life Insurance and Cash Value insurance, such as Whole Life insurance, Final Expense (FE), and multiple Universal Life insurance policies.

5. The most commonly used life insurance for tax-free retirement funding is Indexed Universal Life (IUL) insurance.

To find out more about life insurance options and to get life insurance quotes in Bronx County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to multiple insurers and plan types for comparison.

Bronx County - Business

Commercial insurance needs vary between each of the estimated 18 thousand business establishments in Bronx County. The largest job-creating sectors are:

• Health Care & Social Assistance

• Retail Trade

• Accommodation & Food Services.

Commercial Insurance Analysis

1. Every business in Bronx County needs some type of insurance, based on what it does and the amount of people it employs. The coverage mostly falls into: Commercial Property, Business Liability, and Employee Protection and Benefits:

   • Health insurance,

   • Life insurance,

   • Disability insurance,

   • Workers’ Compensation insurance, and

   • Unemployment insurance.

2. Health care professionals can benefit from Medical malpractice coverage, which protects both the patients and the insured medical professionals.

3. At a minimum, retail trade establishments usually get a combination of Property, Liability, Business income, and Workers’ compensation insurance.

To assess your business insurance needs in Bronx County, speak with a knowledgeable New York-licensed commercial insurance agent with access to multiple insurers and premium finance options. Always try to compare at least 2 or 3 options before deciding on the coverage.