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Nati Harnik / AP

Billionaire Warren Buffett, who owns Geico and several other insurers, said on CNBC that damages from Harvey in Texas are "staggering" and that the "insured loss will be large." He noted "there will be a lot of uninsured loss, too."

He said for Geico customers, he suspects most of the losses will be total losses.

Why it matters: According to an AP investigation, "Houston's Harris County has 25,000 fewer flood-insured properties than it did in 2012," a 9% drop in coverage. That means many residents seeking refuge from Harvey will be forced to use savings, take on debt, or even sell to deal with damages.

Bonus Buffett quotes, per CNBC: "I would guess we're in a 2 percent growth economy now ... Every now and then we think it's accelerating. And every now and then that maybe there's a double dip or something. It just seems to be a couple of percent."

Go deeper

Biden embarks on a consequential presidency

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

Donald Trump tried everything to delegitimize the rival who vanquished him. In reality, he's set Joe Biden on course to be a far more consequential U.S. president than he might otherwise have become.

The big picture: President Biden now confronts not just a pandemic, but massive political divisions and an assault on truth — and the aftermath of the assault on the Capitol two weeks ago that threatened democracy itself.

Updated 7 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Representatives from all branches of the military escort the 46th president to the White House.

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.