Buying a house with an abandoned and leaking buried oil tank can expose you to several health hazards. In addition, oil tank decommissioning and clean-up are expensive, and you need to practice due diligence when buying a property with an oil tank.
Ways to Protect Your Investment When Purchasing a Home With a Buried Fuel Tank
Decommission the Tank
If you are concerned the abandoned underground tank might be leaking, have the tank decommissioned by the seller before taking ownership of the home. This way, if a problem arises during the decommissioning, you will not be liable for the damages.
Importantly, do not assume that the tank has been decommissioned when buying a property. Ask the seller to provide a copy of the decommissioning statement and add it to the property title.
Test the Tank
Have an expert test the tank before purchasing a home to ensure there will be no issues. The professional company you choose should perform a complete evaluation of the current state of the tank. Comprehensive testing should cover tank tests, soil field screening, and corrosion testing. Even if there are no detectable leaks, the tank could be weakened and susceptible to leaks in the future.
Purchase an Insurance Policy With Pollution Coverage
Pollution liability insurance policy may insure third-party claims against damages resulting from hazardous waste materials being released by a leaking oil tank. The policy may cover bodily injury, property damage, and clean-up costs caused by contamination from the oil spill.
How to Tell If You Have an Abandoned Oil Tank?
Examine the outside of the property for the presence of a gas meter and oil tank fill valve. If the buried oil tank was decommissioned, technicians usually removed these tell-tale signs. However, the presence of both the gas meter and valve indicates the tank may be abandoned.
What Is the Average Cost of Leaking Oil Tank Clean-Up?
Once you buy a home with a buried fuel tank, you will be responsible for the clean-up should it start to leak. Small oil tank clean-ups can cost around $10,000.00 with more extensive projects exceeding $50,000.00, and some even up to $100,000.00.
Superior Tank & Energy Provides Exceptional Tank Inspection, Testing, and Installation Services
At Superior Tank & Energy, our experts will perform corrosion testing and field screening of the soil. Our testing is approved by all national tank insurance companies and is designed to protect your investments. We also provide the best tank installation, repairs, and removal services in Bucks County, Philadelphia, and parts of New Jersey. Contact us today to learn more!