senior personal finance correspondent sharon epperson is with us today. good to see. >> you good to be here. >> they are saving more. 529 balances are high but not willing to take on more debt. >> that's good news. we areents are saying no not taking on all the debt ourselves. a year ago more than a of parents said they would take on $75,000 or more in debt. this year only 14% of parents are saying that according to a new t rowe price food andll 25% take on between 25,075,000 in debt. i 61% saying has to be 25,000 or less we are not taking on more than that. >> so they're being smarter about taking on debt. but there is a gap when it comes to paying for college. so howyo t close that gap. >> there is a major gap. when you look at what they ar saying they are able to pay. 75% of parents are saying i can only pay somef this. and only 6% are saying they can pay all of it. what are they doing bridge the gap? it's scholarships and loans that is the most of s it. bue kids are going to have to work. and some parents are going to use regular income to cover it. a

country may now be wondering if they have proper coverage senior personal finance correspondent sharon epperson joins us with what you need to know about flood insurance no matter where you live. if you think homeowner's insurance covers this, you'd be wrong. >> everyone thinks i have homeowner's insurance so anything that happens to my home is going to be covered well, if there's wind damage due to a hurricane or heavy storm, yes, your homeowner's insurance policy will likely cover that, even though you may have a higher deductible if you're in a really windy area, but it will never cover flooding that's what people don't understand when you have a couple inches of water in your basement, like i did this week because of the heavy rain, you have to have flood insurance if you want to have a claim and get that covered. >> i'm so sorry to hear that it's happened to a lot of people you think you have the homeowners insurance if you have flood insurance, what does it cover how can you run through it >> one of the things you need to know is it's a policy available through the federal government, the

. >> sharon epperson joining us tonight. >>> coming up, "time magazine" finds us at the center of the new philanthropy >>> "me magazine" enters a new era. the storied publication was sold and the new owner is well known to invesrs and heavy weight in silicon valley. robert frank has the details. >> reporter: it is the new philanthropy. tech billionaires buying upme story prina names, not just for profits but for influence and preserving big names in .journali salesforce ceo mark benioff saying he and his wife lynn are buying "time magazine" for $190 million. it will not be part of salesforce and they promise not to be part of the editorial decision. he's worth $6 billion. he tweeted, the power of time has always been in the unique story telling of the people and issues that affect us all. we a have deep respect for the organization and are honored to be stewards of this iconic brand. it was a big price at a time when printre publications fading fast. the seller was meredith corporation which last year took over time, inc., for point be point 8 billion and has since put up "time" magaz

. >> sharon epperson. >> my pleasure. >>> coming up, the art of the deal is takg on a whole new meaning in the art world. >>> as we have eenreporting, the white house has been threatening additnal tariffs on art into theu.s. it could get rattled between th' wo two largest economies. robert frank has the details. >> reporter: the last page of th china summary has new details. paintings, as well as sculptures and any antique10xceeding years. in other words, chinese art and antiques would be subject to a tariff if the next list takes effect. doesn't matter how old the pieces are or what country you buy them from. so if you are a new york collector and you buy a chinese vase from a london dealer, that ovase would be subject a 25% tariffecause hundreds of years ago it was made inchina. now the u.s. imported about $300 million worth of chinese artwork last year. much of that from europe. galleries, dealers, art houses say the tariff would hurt the u.s. and help china which once dominated the business and will keep all the treasures in their own country. tariffs would shift both back to china