It's not too often homeowners think about the condition of their oil tanks. With so many things around the house to keep tabs on, that oil tank down in the basement is often times forgotten. It's recommended to inspect your oil tank at least once per year. There is a law that Massachusetts has in place to address oil leaks from home heating systems (Chapter 453 of the Acts of 2008, as most recently amended in 2010). This law has two major provisions that require:
Most insurance policies do not currently include such coverage, leaving many homeowners responsible to foot the hefty cleanup bill themselves. Although it is mandatory that insurance companies make this coverage available by July 1, 2010 to homeowners whose systems are upgraded, the insurance is an optional purchase. Paying now to upgrade from a leaking tank and installing the proper valve/sleeve can possibly save you LOTS of money in the future. Clean up costs for a small leak CAN cost up to $15,000 and more extensive leaks, ones that have contaminated groundwater can cost upwards of $250,000.
A checklist to follow when inspecting your tank is provided below: