The University of Iowa says the Federal Emergency Management Agency will not require the school to purchase additional flood insurance after all.
UI vice president of finance and operations Doug True said Wednesday the news "is a very big deal and will save us millions of dollars."
True shared the news during a meeting of the Iowa Board of Regents. He says more details will follow after the university analyzes FEMA's decision.
FEMA had told the university that it would not accept its blanket, $250 million flood insurance policy as proof of insurance on buildings being rebuilt with federal aid after the 2008 flood, and might require higher limits.
Iowa's insurance commissioner asked FEMA for a waiver, saying the school had ample insurance.