Richmond County

Richmond County - Driving Statistics and Analysis

There are approximately 288,176 private and commercial vehicles in Richmond County (Staten Island Borough). This figure accounts for an estimated 2.5% of all vehicles registered in the entire state of New York.

Staten Island residents are split almost evenly in choosing to drive alone going to work or to use public transportation. Over 56% of adult drivers in Richmond County commute to work by themselves, while the rest use public transit. Due to heavy traffic, more than half of those commutes last for over 30 minutes - a statistic closely mirrored by all neighboring NYC boroughs.

Motor Vehicle Crashes in Richmond 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 25,593 crashes in Richmond County: with 34 of them fatal. Property damage occured in 63.41% of those crashes, while personal injury was sustained in 36.44% cases.

Motorcycles in Richmond County accounted for an average of 84 crashes annually: with personal injury as a result in 79.63% of cases and property damage in 19.75%.

Auto Insurance Analysis

1. Close to 290 thousand vehicles registered in Richmond 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 Transportation, Inland Marine, Gap, Ride-sharing, Short-term 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 coverage from the guilty party. Meanwhile, property damage is paid by the at-fault party.

3. The amount of vehicles on the roads of Richmond County keeps going up year after year, and even though the uninsured rate of drivers across the New York metropolitan area remains at under 5 percent, the sheer proximity of a large volume of vehicles on heavily congested roads indicates 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 Richmond County, contact a knowledgeable Property & Casualty (P&C) insurance agent licensed in the state of New York.

Richmond 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%), over 69% of Richmond County’s estimated 183,200 dwellings in 2022 were homeowner-occupied. Compared with the neighbors, Richmond County has the most homeowner percentage, while New York County has the least.

Statewide, Hamilton County has the highest homeownership rate, with just 13% of homes for rent, while the Bronx is the state leader with the highest percentage of its real estate for rent at 80%.

Over 24% of housing units in Richmond County experience housing problems, overcrowding, poor plumbing, or issues with the kitchen. In 1 out of 5 homes, residents spend more than 50% of their income on housing.

Housing Insurance Analysis

1. More than 180 thousand housing units in Richmond 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 over 56 thousand housing units in Richmond 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 Staten Island: Tenants buy Renters Insurance coverage to protect their belongings from possible damage or loss while living 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 Richmond County will require Renter's insurance as a condition of the lease.

4. Richmond 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 Richmond 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 Richmond County need to maintain appropriate insurance coverage to protect their property against possible loss and damage from wind and water damage.

For consultation and to get a quote on Homeowners, Renters, Condo, Flood, and other types of insurance in Richmond 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.

Richmond County - Health Statistics and Analysis

Around 6% of adults under the age of 65 residing in Richmond County lack proper health insurance coverage, which is lower than the state average (≈8%). Among its neighboring counties, Staten Island has the lowest uninsured adult rate, while the highest uninsured rate is in Brooklyn (Kings County).

The highest uninsured adult rate in the state of New York is in Queens County at 12%, while the lowest rate is observed in Saratoga County, at under 5% of the adult residents.

In Richmond County, close to 17% of adults report problems with health. More than 1 in 4 of the Richmond County population do not participate in physical exercise activities. Over 29% of the adult residents are considered obese (with a BMI of 30 or more), which is higher than the New York state average of over 26%. Among its peer counties, Richmond County has the highest rate of adult obesity, while New York County has the lowest percentage of adults considered obese (16%). The rest of the counties, Kings (24%) and New York, have adult obesity rates that are below the state average.

In 2022, 91,587 Richmond County residents were enrolled in Medicare, with the following utilization:

In 2022, there were 12 health insurers in Richmond 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, however, nearly 18 thousand adult Richmond County residents lack this necessity.

2. New York is among the states that do not allow the sale of multiple types of alternative health insurance options. Nevertheless, Richmond 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 Staten Island 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 can help while not being able to work due to an injury.

3. Low-income health insurance: If health insurance is not being acquired because of its unaffordability, low-income residents of Richmond County are generally advised to apply 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 plans available to Richmond 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.

Richmond County - End of Life Statistics and Analysis

Richmond County residents have an average life expectancy of nearly 81 years old, which is in line with the state average in New York (81.4). Among the neighboring counties, New York County shows longer life spans, nearly 4 years longer than the state average, while Richmond County’s average is the lowest of the group.

While New York County has the highest average life expectancy, the lowest expected life span in the state of New York is seen in Chemung County, at under 77 years old.

In 2022, there were approximately 79,137 seniors (65 and older) living in Richmond County.

Life Insurance Facts

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

2. Life insurance companies factor in the age of the insured, among other things, in assessing the premiums to be contributed. The younger you are when you get it, the more you save in premiums over the course of the policy.

3. There are nearly 19% of adult smokers in Richmond County, and this habit will probably affect their life insurance costs. These 70,000+ adults will pay up to 4 times more, 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.

Richmond County - Funeral Expenses Statistics and Analysis

Funeral expenses in and around Richmond County are quite similar. The average price of a funeral in Richmond County is around $7,500, which is higher than the New York state average (of $6,500) and also the highest among all its immediate neighbors. Manhattan (New York County) has the lowest average cost for burial at around $7,200 in its surrounding area. Kings County funeral homes more or less charge the same amount as those in Staten Island.

In the state of New York, Suffolk County is observed to have the most expensive funerals (≈ $10,500), while Erie County has the least expensive (under $5,000).

Life Insurance Analysis

1. With 46% of Americans dying with savings of less than $10,000, over 36 thousand Richmond County senior residents could be placing an unnecessary and frequently unbearable financial burden on family and friends. While grieving their loss, not only does the family need to plan the funeral, but quite frequently it also needs to pay for it too.

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

2. Apart from the burial costs, the decedent usually leaves taxes and other debts behind for the family to settle. 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 Richmond County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to multiple insurers and plan types for comparison.

Richmond County - Business

Commercial insurance needs change between each of the more than 9 thousand business establishments in Richmond County. The largest job-creating sectors are:

• Health Care & Social Assistance

• Educational services

• Retail Trade.

Commercial Insurance Analysis

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

   • 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 establishments typically get Property insurance, Business liability, Business income, and Workers’ compensation insurance.

To assess your business insurance needs in Richmond County and to get a commercial insurance quote, 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.