University of Iowa officials told the Board of Regents today the school’s cost for this summer’s flooding could reach 25 million dollars. U-I vice-president for business and finance, Doug True, says that’s after FEMA aid, insurance claims , and gifts cover the rest of the total 232-million dollars in damage.
True says FEMA has done everything expected thus far and the only question now is “are the checks gonna flow, is it really gonna happen.” True says he believes it will. There will be some future costs because of the flooding as True says the university’s insurance premium more than doubled because of the floods.
True says the insurance renewed at the beginning of September and he was nervous about it as there have been three floods with damage since he has been at the school. The university hopes to delay campus building projects and use those funds to cover the university’s cost of the flooding, pending the legislature’s approval.