A leak in your heating oil tank (underground or aboveground) is not ever ideal...it can cost thousands of dollars and negatively impact the groundwater and soil on your property and others. Being proactive can save expense and the stress of having to deal with a remediation situation in an emergency mode. When metal heating oil tanks age, the likelihood of a leak increases AND if your homeowner’s insurance policy contains a “pollution exclusion” clause, you could be responsible for the cleanup costs (IF a leak is found).
Another serious consideration is if you’re planning on selling your home that contains an underground heating oil tank on the property, (and it has not been removed and replaced with an above ground tank sysytem) before selling your home you may need to replace the tank since many lenders may not write a mortgage for a house with an underground oil tank. A potential buyer should never consider assuming the liability for a tank left in the ground by the prior owner. A leaking underground heating oil tank (UST) can represent a major inconvenience and should only be removed by an OSHA trained, environmentally experienced contractor.
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