Hurricane Beryl Exposed 'One Of The Biggest Insurance Gaps' Of Americans, Says Expert: 'Over 90% Do Not Have Flood Coverage'

Dale Porfilio, Chief Insurance Officer of the Insurance Information Institute, highlights the significant lack of flood insurance in the U.S. following the devastation caused by Tropical Storm Beryl in Houston, Texas.

What Happened: During CNBC’s “Last Call” on Monday, Porfilio expressed his concern over the lack of flood insurance coverage in the country.

He stated, "Flood insurance is one of the biggest insurance gaps in this country. Over 90% do not have flood coverage and many people believe that they do.”

See Also: Former Mike Pence Staffer Dismisses Trump’s Attempts To Distance Himself From ‘Project 2025’ — ‘Preposterous If You Look At The Collaborators’

Why It Matters: Tropical Storm Beryl, which was initially a hurricane, made landfall near Matagorda, Texas early Monday. The storm led to the closure of oil ports, hundreds of flight cancellations, and thousands of homes without power. It is expected to weaken further into a tropical depression as it moves inland, according to the U.S. National Hurricane Center.

The storm had previously wreaked havoc in Jamaica, Grenada, St. Vincent and the Grenadines, causing at least 11 deaths and destroying buildings and power lines.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari