As Tropical Storm Hilary hit California, LendingTree’s Insurance Expert Divya Sangameshwar joins Yahoo Finance Live’s Julie Hyman and Dani Romero to discuss the importance of flood insurance. Sangameshwar says, “when it comes to hurricanes, the biggest damage comes from flooding, which is not covered by homeowner’s insurance.” In California, only “1.3 percent of homeowners have flood insurance,” so any damages caused by Tropical Storm Hilary will have to be paid out of pocket by the homeowners, Sangameshwar notes. Flood insurance “should be mandated if you have a mortgage and you live in a FEMA flood zone, however… FEMA’s maps are outdated. So those need to be updated so that homeowners are fully protected,” Sangameshwar explains. “In the long run, it is cheaper to have flood insurance than to not have it,” as “flooding is the most expensive kind of damage that can happen to your house, short of it burning down,” Sangameshwar says.
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LendingTree’s Insurance Expert Divya Sangameshwar joins Yahoo Finance Live to discuss the importance of flood insurance. Sangameshwar says, “when it comes to hurricanes, the biggest damage comes from flooding, which is not covered by homeowner’s insurance.” In California, only “1.3 percent of homeowners have flood insurance,” so any damages caused by Tropical Storm Hilary will have to be paid out of pocket by the homeowners, Sangameshwar notes. Flood insurance “should be mandated if you have a mortgage and you live in a FEMA flood zone, however… FEMA’s maps are outdated. So those need to be updated so that homeowners are fully protected,” Sangameshwar explains. “In the long run, it is cheaper to have flood insurance than to not have it,” as “flooding is the most expensive kind of damage that can happen to your house, short of it burning down,” Sangameshwar says.
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