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Monroe County

Driving in Monroe County

Monroe County has an estimated 59,022 registered automobiles, and this accounts for 0.33% of all vehicles in Florida.

Over 68% of adult drivers in Monroe County drive alone to work, with almost 9,000 of them commuting for 30 minutes or more.

It is estimated that 20% of Florida drivers are uninsured and over 11,000 vehicles in Monroe County alone are uninsured.

Nearly one-fourth of crashes in Monroe County are hit and runs.

Motor Vehicle Crashes in Monroe County

Motor vehicle fatalities in Monroe County statistically occur at a rate of 17.53 per 100,000 vehicles on the road: approximately 10-11 fatal crashes per year.

In 2021, the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) reported over 1,435 crashes in Monroe County: 17 fatal crashes, with a resultant 19 deaths (including 4 motorcyclists). Alcohol is determined as the main factor for the fatal crashes in Monroe County in an estimated 20% of all driving fatalities.

Auto Insurance Analysis

  1. Over 59 thousand vehicles registered in Monroe 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. Depending on the type of vehicle and its use, the additional required insurance may be: Private Auto, Commercial Auto, Comprehensive Coverage, Commercial Transportation, Inland Marine, Gap, Ride-sharing, and so on.
  2. With a fourth of crashes as a hit-and-run and with 1 out of 5 drivers uninsured, Uninsured Driver Coverage remains important for Monroe County residents.

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

Monroe County Housing

There are around 55,029 housing properties in Monroe County, which are primarily occupied by the owners themselves (59%), just like the majority of Florida (≈65%). Roughly 41% of the homes are rental units or available for tenants to move into.
Most of the neighboring counties are also dominated by owner-occupied homes, with Collier County leading the group with 73% of its homes inhabited by the owners. Miami-Dade County has the lowest figure at 51% (with nearly 49% of homes for rent).
Over one-fourth of housing units in Monroe County experience housing problems, overcrowding, poor plumbing, or issues with the kitchen. In 1 out of 4 homes, residents spend more than 50% of their income on housing.

Housing Insurance Analysis

  1. Over 55 thousand housing units in Monroe 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 22,000 housing units in Monroe County as rentals, landlords obtain Landlord Insurance, which covers the property itself and the possible liability claims arising from the tenants and their guests.
  3. Renters insurance Key Largo: 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 Monroe County may require Renters Insurance before putting pen to paper on a lease.
  4. Monroe County is located on the coast, not far from one of the main hurricane formation areas in the Atlantic Ocean. Hurricanes bring in primarily wind and flood damage. The highest probability of a hurricane occurrence in Monroe County is between early June and the end of November. Every Florida resident should be aware of the procedures and safeguards set in place by the local County and State agencies. All homeowners, landlords, and renters in Monroe 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 Monroe 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 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
  • does not affect your cost of insurance. (agent’s service is usually paid by the insurer)

Monroe County Health

In Monroe County, approximately 22% of adults do not have proper health insurance coverage, and this figure is higher than the state average (≈19%). It is also the lowest percentage compared to its immediate neighbors while Collier County has the highest uninsured adult rate at 26%.
The highest uninsured adult rate in the state of Florida is in Hendry County, with 35% of residents uninsured, while the lowest rate is observed in St. Johns County at under 13% of the adult residents.
Over 17% (or over 12,000 residents) in Monroe County report problems with health.
This is probably because among the adult population, 17% smoke, 25% consume alcohol excessively, and over 1 out of 5 (≈22%) of the total population does not exercise regularly even though all of them (≈100%) have access to areas where physical exercise can be done.
As of 2022, there were 14 health insurers in Monroe County offering affordable and frequently subsidized ACA health insurance on the Florida health marketplace.

Health Insurance Analysis

  1. Health insurance is the most vital type of insurance coverage, and over 14 thousand residents of Monroe County lack this necessity.
  2. Floridians are permitted to purchase multiple types of health insurance and supplemental products inside the state. This makes it easier for them to obtain coverage that fits their 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, Accident & Health, etc.
  3. Low-income health insurance: Understandably, not everyone can afford health insurance due to the costs involved. In such cases, those who do not have the funds for this coverage are advised to apply for government subsidies that can significantly lower or even almost eliminate the out-of-pocket costs of insurance.
  4. 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 state-licensed Florida health insurance professional with access to a variety of health insurance plans available to Monroe County residents.
    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.

Monroe County End of Life Statistics and Analysis

The average life expectancy for the residents of Monroe County is between 81 and 82 years old, which is higher than the state average in Florida (80) but it is the lowest among its neighbors. Among the neighboring counties, Collier County shows a longer life span of 86, posting the longest average in the state. The lowest life span in Florida is seen in Union County, at under 69 years old.
In 2022 there were approximately over 17,000 seniors (65 and older) residing in Monroe 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. The younger you are when you get it, the more you save in premiums throughout the policy.
  3. More than 17% of the adults in Monroe County smoke, and this habit will increase the life insurance premiums of about 10,500 adult residents 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.

Monroe County Final Expenses Statistics and Analysis

Funeral expenses in and around Monroe County vary drastically. The average price of a funeral in Monroe County is around $7,700, which is higher than the Florida state average (of $5,900). Among the neighbors of Monroe County, Collier County has the highest average funeral cost of almost $9,600, while Miami-Dade County is at $5,600.
In fact, Collier County has the most expensive funeral cost average in the entire state, while Putnam County and DeSoto County have the lowest, both at $4,600.

Life Insurance Analysis

  1. With 46% of Americans dying with savings of less than $10,000, close to 8 thousand Monroe County senior residents could be placing an unnecessary and frequently unbearable financial burden on family and friends. Instead of grieving their loss, the family must concentrate on finding a way to pay. (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.
  3. The most frequently used life insurance policies to cover “final expenses” up to $50,000 are: Term Life Insurance and Final Expense 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, Indexed Universal Life (IUL) insurance, and Final Expense.
    To find out more about life insurance options and to get life insurance quotes in Monroe County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to multiple insurers and plan types for comparison.

Monroe County - Business

Commercial insurance needs vary between each of over 4 thousand business establishments in Monroe County. The three largest job-creating sectors, accounting for over 66% of all employment in the county in 2020 were:

  • Education and Health Services (32.4%)
  • Manufacturing (18.3%)
  • Government (15.5%)

Commercial Insurance Analysis

  1. Health providers usually get medical malpractice coverage according to the amount of damage their work can cause to the patients.
  2. Manufacturing businesses usually require insurance coverage for:
  • Production facilities and property
  • Employees’ health and safety
  • Product liability coverage to protect the company itself if its product hurts the consumer, etc.
    To assess your business insurance needs in Monroe County and to get a commercial insurance quote, speak with a knowledgeable Florida-licensed commercial insurance agent with access to multiple insurers.