Lake County
Driving in Lake County
The residents of Lake County registered an estimated 322,000 private and commercial vehicles, which make up 1.78% of all the registered vehicles in Florida.
Approximately 4 in 5 adult drivers in Lake County commute alone to work, and nearly half of them (≈48%) take longer than 30 minutes to drive.
About 20% of Florida-based drivers do not have auto insurance coverage, and this suggests that 64,000 vehicles in Lake County could possibly be uninsured or underinsured. On top of this, about every 6th traffic accident in Lake County is a hit and run.
Motor Vehicle Crashes in Lake County
Deaths caused by vehicular collisions in Lake County statistically occur at a rate of 17.92 per 100,000 vehicles on the road: approximately 57 fatal crashes per year.
In 2021, the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) reported 5,124 crashes in Lake County: 52 fatal crashes that caused 61 deaths (including 13 motorcyclists). Studies have shown that in 28% of traffic-related fatalities, alcohol was a key factor.
Auto Insurance Analysis
Roughly 322 thousand vehicles registered in Lake County need insurance coverage. Basic Liability and Personal Injury Protection (PIP) coverages are required for all vehicles on the road to protect others from the damage you may cause in an accident. Aside from the mandatory minimum, the vehicle type and its use may prompt vehicle owners to purchase additional coverage such as: Private Auto, Collision, Gap, Ride-sharing, Commercial Auto, and so on.
About 170 thousand individuals operating a separate vehicle in one area increases insurance premium rates. Thousands of cars sharing the roads of Lake County at the same time raises the probability of a vehicular collision.
The long daily commute of roughly 100 thousand Lake County residents is another factor that increases auto insurance premium rates. Being on the road for an extended period increases the likelihood of a vehicular collision.
With every 6th crash as a hit-and-run and with 20% of drivers uninsured, Uninsured Driver Coverage remains essential for Lake County residents.
To discuss your auto insurance needs in Lake County, contact a knowledgeable Property & Casualty (P&C) insurance agent licensed in the state of Florida.
Lake County Housing
Similar to the majority of Florida, Lake County’s estimated 173,912 housing unit market is mostly inhabited by the property owners, at a rate of 75% — higher than the Florida average of 65%. Among Lake County’s neighboring counties, Sumter County has the highest owner-occupied rate at 89%, followed by Marion County at 75%. Orange County, however, has a 55% owner-occupied rate which means nearly half of the residential real estate are rentals.
About 15% of the homes in Lake County encounter housing problems, overcrowding, substandard plumbing, or kitchen problems. In 1 out of 4 homes, residents dedicate more than 50% of their income to housing expenses.
Housing Insurance Analysis
Around 174 thousand residential units in Lake County need insurance coverage. At a minimum, all owners of these properties ought to have Homeowners, Condo insurance, and/or Business property insurance (for apartment complexes) to protect the underlying financial investment from possible loss or damage.
With approximately 45 thousand homes in Lake County as rentals, landlords take out Landlord Insurance, which covers the property itself and the possible liability claims arising from the tenants and their guests.
Renters insurance Clermont: Tenants buy Renters Insurance coverage to protect their belongings from possible damage or loss. Typically, renters’ insurance is affordable and usually covers the tenant's property from theft and damages caused by fire, smoke, water, and vandalism. Some landlords in Lake County may require Renters Insurance before putting pen to paper on a lease.
For consultation and advice about Homeowners, Renters, Condo, Flood, and other types of property insurance in Lake County, contact a Property & Casualty (P&C) insurance agent licensed in the state of Florida.
A Florida 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,
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
does not affect your cost of insurance. (agent’s service is usually paid by the insurer)
Lake County Health
It is estimated that 18% of the adults in Lake County do not have proper health insurance coverage — this figure is not far off from the Florida average of 19%. Looking at Lake County’s surrounding counties, Marion County has the highest uninsured adult rate at 21%, while Sumter County has the lowest at closer to 13%. Across Florida, Hendry County has the highest figure at 35%, while St. Johns County has the lowest rate at 13%.
Approximately 1 out of 5 (≈76,000) Lake County residents report health issues. This is partially due to the fact that among the adult population, 19% smoke, 19% drink too much alcohol, and over 28% of the total population does not exercise regularly despite the fact that about 86% of the population have access to areas where physical exercise can be done.
Lack of regular exercise is possibly one of the reasons why 31% of Lake County adults are obese (BMI of 30 or more). In the area, Polk County has the highest obesity rate at 37%, while Orange County has the lowest rate at 27% (same as the Florida average).
In 2022, there were 14 health insurers in Lake County offering affordable and frequently subsidized ACA health insurance on the Florida health marketplace.
Health Insurance Analysis
Health insurance is the most important type of insurance coverage as its function is to pay for expenses that keep you alive and healthy. But despite this fact, over 54 thousand residents (below 65 years old) of Lake County do not have proper health insurance coverage.
Florida residents have the ability to purchase multiple types of major medical health insurance and supplemental plans that pick up the slack for the main policy. This makes it easier to obtain coverage that fits each individual’s specific needs (both medically and financially): Group or Individual Marketplace ACA health insurance, Various types of Short Term insurance (up to 3 years in coverage), Hospital Indemnity, Critical Illness, Accident & Health, etc.
Not all Lake County residents are able to afford proper health insurance. These residents are usually advised to apply for government subsidies to make health insurance more affordable.
If you do not have pre-existing conditions, short-term insurance may provide an alternative saving path. (* Some Florida multi-year short-term health insurance plans may cover certain pre-existing conditions after a year or more of coverage).
Discuss your health insurance needs with a knowledgeable state-licensed Florida health insurance professional with access to a variety of health insurance options available to Lake County residents. Offerings of health insurance may differ between zip codes.
A Florida health insurance agent: analyzes your 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 assists you with the application process and at any time you need to make a change to the policy or shop for replacement coverage.
Lake County Mortality and the End of Life Statistics
Lake County residents have an average lifespan of 78.8 years old, which is almost at par with the Florida average of 80.1 years. Looking at Lake County’s neighbors, Sumter County, Seminole County, and Orange County have almost identical life expectancies at 80.4, 80.6, and 80.5 years, respectively.
In Florida, Collier County has the longest life expectancy average at 86 years old, and Union County has the shortest at 69 years.
In 2022 there were approximately 104,000 seniors (65 and older) residing in Lake County.
Life Insurance Facts
In 2022, 47% of Americans did not have an active life insurance policy of any type.
Age weighs heavily on life insurance premium rates. The higher the age of the applicant, the more expensive the premiums will be. Securing a life insurance policy at a younger age can save the insured a significant sum over the life of the policy.
Over 19% of the adults in Lake County smoke, and this habit will likely negatively affect the life insurance premiums of over 59,000 adults by up to 4 times compared to non-smokers. A smoker is considered more susceptible to developing fatal diseases that make them a higher risk to life insurance carriers.
Permanent Life Insurance also has a cash value component, which can be used while the insured is still alive. The Living Benefits allow you to borrow against the policy, for emergency expenses, or to draw on as a tax-free retirement income.
Lake County - Funeral Expenses Statistics and Analysis
A traditional funeral in Florida costs around $5,900, and the same average cost applies to Lake County. Among the neighbors, Osceola County holds the most expensive funerals at an average of around $7,300, while the most affordable funeral expenses are observed in Sumter County, at an average cost of $4,700.
Across Florida, Collier County has the most expensive funeral cost average in the entire state at $9,600, while Putnam County and DeSoto County have the lowest, both at $4,600.
Life Insurance Analysis
With 46% of Americans dying with savings of less than $10,000, the family and friends of approximately 48 thousand Lake County senior residents may have to put their grief on hold to make sure that the funeral expenses will be settled. (Note: If using life insurance as payment for the funeral services, most funeral homes require the policy to be “assignable”)
On top of the burial costs, the departed often leave outstanding loans and taxes for the family to take care of. Adding more to the financial challenges that befell them.
In most cases, Term Life Insurance and Final Expense Insurance can help cover “final expenses” with a death benefit of up to $50,000.
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, Indexed Universal Life (IUL) insurance, and Final Expense (FE).
To get advice regarding life insurance in Lake County and help lighten the load for your family after your passing - reach out to a Florida-licensed, knowledgeable life insurance professional who has access to multiple insurers and plan types for comparison on a case-by-case basis.
Lake County - Business
Commercial insurance needs vary between each of the over 9 thousand business establishments in Lake County. The three largest job-creating sectors, accounting for approximately 55% of all employment in 2020 were:
Manufacturing (21.7%)
Professional and Business Services (20.4%)
Education & Health Services (12.9%)
Commercial Insurance Analysis
Manufacturing businesses usually require insurance coverage for:
Employees’ health and welfare
Production facilities, tools, supplies, and other property
Product liability coverage to protect the company itself if their product hurts the consumer, etc.
About 2 thousand professional services and consulting businesses in Lake County can benefit from professional liability insurance, also known as Errors and Omissions insurance (E&O insurance). E&O insurance protects their clients in case the professional advice they give causes damages or losses.
In addition to the standard commercial property and liability coverages, health providers usually get medical malpractice coverage according to the amount of damage their work can cause to the patients.
To assess your business insurance needs in Lake County, speak with a knowledgeable Florida-licensed commercial insurance agent with access to multiple insurers and premium financing options.
