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

A quandary for state unemployment agencies

Illustration: Aïda Amer/Axios

State agencies charged with paying unemployment benefits to jobless residents have their backs against the wall as they rush to parse President Trump's executive actions on coronavirus aid.

Why it matters: States are being asked to pitch in $100 per unemployed resident, but it’s a heavy lift for cash-strapped states that are still unclear about the details and may not opt-in at all. It leaves the states and jobless residents in a state of limbo.

Updated 11 mins ago - Health

New Zealand reports first coronavirus community spread for 102 days

Prime Minister Jacinda Ardern after a press conference at Parliament on July 22 in Wellington, New Zealand. Photo: Hagen Hopkins/Getty Images

AUCKLAND, New Zealand — Auckland is locking down and the rest of New Zealand faces lesser restrictions for 72 hours after a family of four tested positive for COVID-19, Prime Minister Jacinda Ardern announced Tuesday.

Why it matters: It's the first cases not in managed isolation for 102 days, Ardern said at a news briefing.

23 mins ago - Science

The risk of branding NASA's wins

Illustration: Eniola Odetunde/Axios

President Trump, like some of his predecessors, is branding NASA's recent wins as political, presidential accomplishments even though they are the result of efforts that span administrations.

Why it matters: Experts warn that partisan politicking with NASA can lead to whiplash that leaves the agency scrambling to chase new goals whenever a new administration arrives in Washington.