Many underground oil tanks have reached the end of their useful lives and are beginning to corrode, rust and leak. Increasing homeowner insurance claims resulting from leaking oil tanks are very expensive and can lead to high insurance rates, or even refusal of coverage.
It is a homeowner’s legal responsibility to properly maintain the oil tank and clean up any spills or leaks that may occur.
Leaking underground storage tanks may create several hazards including:
• Products and product vapours can generate a potentially explosive mixture;
• Products can enter surface water;
• Products can enter drinking water;
• Products can contaminate surrounding soil;
• Products can damage property.
Problems with underground oil tanks may complicate the process of applying for homeowner's insurance and, in extreme cases, may adversely affect real estate transactions themselves.