Oil tanks don’t last forever. In fact, the average life span of most oil tanks is 15-30 years old, all depending on the location of the tank.
Why would I replace my oil tank if it looks to be in good condition?
Oil tanks corrode from the inside out. Even if you see no corrosion, you could still get a pin hole leak, and depending on how full your tank is all that oil could leak out into the ground or onto a basement floor.
Would my homeowners insurance cover cleanup cost?
Generally, no. Most homeowners insurance companies do not cover an oil tank leak cleanup. The average cost to clean up is often in the tens of thousands of dollars depending on the extent of damage.
How to tell if your oil tank needs to be replaced:
Rust and dents – Corrosion and dent marks indicate something is wrong with the oil tank
Wet Spots – The presence of wet spots, either underneath the tank or on its surface. It means your tank is at risk of leaking at any given moment.
Age – If it’s more than three decades old, it has outlasted the common life expectancy
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