5 Reasons To Remove a Residential Underground Oil Tank

Written by  //  June 24, 2022  //  Home Remodeling  //  Comments Off on 5 Reasons To Remove a Residential Underground Oil Tank

5 Reasons To Remove a Residential Underground Oil Tank

Underground storage tanks contain considerable amounts of liquid or gas and sit underneath homes, often less than ten feet away from the property’s foundation. These containers became popular amongst homeowners relying on oil heat during the winter. Despite their appeal, underground tanks can pose certain risks when not serviced.

Here are five reasons to remove a residential underground oil tank.

It Can Devalue Property

Many home buyers may flee at the thought of having an underground oil tank on their property. Because of its cleanup and its potential to leak, an underground oil tank may be a hidden hazard that most real estate agents don’t recommend taking on.

An undetected leak can emit harmful fumes inside the property that spread through the ground. Unless the seller is willing to remove the storage tank from the residence, finding a buyer who’s willing to keep the container may be challenging.

Moreover, the new owners may seek underground oil tank removal, ultimately damaging the area’s landscape.

It May Be an Environmental Hazard

The environmental effects of an underground oil tank can quickly go unnoticed. Since the tank sits several feet into the soil, a potential leak may spread from the dirt into groundwater, thus making it unusable for irrigation.

If the oil leak travels closer to the water supply surface, it can endanger neighbors and surrounding wildlife.

It May Be a Financial Burden

Ultimately, the homeowner is responsible for the repair and cleanup of a leaking tank. Unfortunately, homeowner’s insurance does not cover these costs, leaving the owner financially liable for cleanup funding.

On the other hand, oil tank insurance is available; however, the policy limits the homeowner to stick to oil heat if a tank sees removal.

While some homeowners can receive compensation from older policies depending on the severity of the leak, insurance plans can cost more if you choose to keep the oil tank.

The Tank Is Old and Has Failed Inspection

While steel may be resistant to corrosion, the material isn’t immune to age. Steel can eventually fall victim to corrosion, impacting its efficiency and safety. An old tank can leak and lead to environmental devastation.

During an inspection, professionals will ensure the water hasn’t made its way into the tank. If water is present in the container, it’s best to remove the oil tank after water removal since it can cause rust and failure.

It Poses a Safety Risk to Your Neighbors

Believe it or not, contaminating water and soil on your property and surrounding areas can lead to many lawsuits. A leak can affect your neighborhood through concentrated oil vapors that may cause headaches and drowsiness to those living nearby.

There are plenty of reasons to remove a residential underground oil tank. While this type of tank may seem like a good idea, the concept can cost you and impact your home’s safety if left without service. You’ll want to be proactive with its maintenance to avoid mechanical failure, permanently devaluing your property, or affecting the quality of life of others.

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