Taking possession of a property that has not been properly searched for an underground oil tank means that you are responsible for any contamination that may exist due to a leaking underground oil tank that may be located on the property. Clean up costs can range from $10,000 to $100,000 or more. Most Homeowners’ Insurance Companies exclude coverage for leaking tanks.
Underground oil tanks that have been improperly abandoned may also collapse, causing dangerous sink-holes.
Warning Signs that Warrant Contracting a Tank Search:
- If the current structure was built prior to 1975
- If the current owner of the property has no knowledge of the existence of an underground oil tank
- If no documentation is available that a previous underground oil tank search has been conducted
- If visible abandoned oil lines are observed inside the structure and/or outside along the perimeter
- If the Heating and/or Hotwater system has ever been converted from oil to gas
- If an in-service above-ground oil tank currently provides fuel for heating and/or hotwater
- If the current structure was built on a lot that had a previous structure that was removed
It is very important to have this inspection conducted as close to your Home Inspection as possible