Tens of Thousands of homeowners across the United States and Canada could soon find themselves without home insurance because their heating oil tanks are too old. Most homes with oil heating have tanks that are reaching the end of their 20- to 30-year life span, insurance industry estimates show.
Oil tanks aged over 20 years are deemed a risk by many insurance companies and most insurers won’t provide insurance protection unless homeowners replace the oil tanks or switch to another heating source and have the old oil tanks removed.
Fuel oil heats more than 30 million homes in North America. Some of the tanks date back to the 1930′s when they replaced coal as a common source of heat. Most of the tanks, however, were installed during the building booms of the 1960′s and 1970′s.
As the tanks age, the likelihood of tank deterioration increases, and insurance companies today are insisting on a thorough inspection before they provide coverage.
A pinhole leak can spill 750 litres of oil in eight hours. Cleanup costs range from $5,000 to $150,000 and may require replacement of a home’s entire foundation. It costs from $700 to $1,500 to replace an oil tank.
The most important thing is, homeowners should check the age of their oil tanks immediately and contact their fuel oil provider if they are more than 20 years old. Leaving an old unused Home Heating Oil Tank in your home or business is not only a waste of valuable space and a potential health hazard, but moreover your home insurer may decide to no longer insure your home. Leaking, over filling or spilling of oil tanks are threats to human health and safety if not detected or removed on time. Hire a professional oil tank removal company to protect yourself and your home from the dangers of a dormant or leaking heating fuel oil tank and/or to replace your old heating oil tank.