If you have a hidden oil tank on your property (most likely, this is an underground oil tank), it’s easy to keep it out of your mind.
But the reality is that owning New Jersey (NJ) property with an underground oil tank can provide more risks than you would originally think.
There are about 100,000 oil tanks underground in NJ, and several million across the country. All of them are potentially harmful to the environment – they range from several hundred gallons to several thousands of gallons, and they’re all a potential liability.
For more information on how you can remove your underground oil tank from your New Jersey (NJ) property, contact your local oil tank removal experts.
Below are some of the risks that you should watch out for when owning a home with an underground oil tank, and some of the repercussions that can occur if disaster strikes.
Cleaning up after an oil spill can cost tens of thousands of dollars. When a spill reaches critical levels of decontamination, you are legally responsible to report the spill so that others in the surrounding area know.
Even though there is grant money set aside in the state of NJ for removal, demand is high as many property owners want their oil tanks removes. If an oil spill does occur on your property, you may have a hard time selling your home with contaminated land.
In the event of an oil spill from an underground NJ oil tank, your insurance company may not be obligated to pay, or even cover some of the costs. Look into your insurance policies ahead of time to see whether or not oil tank removal is the best option for you.
The Oil Tank Exclusion Policy passed in NJ in 2005 allows insurance companies to exclude damages from oil tanks to the surrounding areas. This can be circumvented if you can prove that the damage happened before 2005.
Consider the risks you’re taking with keeping an oil tank underground – is it the best solution for you and your family?
Generally, your insurance company and loan bankers are going to demand 100 percent cleanup – which means a lot more costs for you. Many bankers will often not offer mortgages for homes with underground oil tanks because of the risks at hand.
Because of this, getting financial assistance in the result of a spill is very difficult and it’s often just better to have the tank removed altogether. This will not only increase the property value of your home, but will help you be a bit more financially secure in the long run.
Call your local oil tank removal service to help you get a better understanding of exactly what you need financially to have your oil tank removed. An expert will not only walk you through the financials, but will walk you through the proper safety precautions in the event of an oil breach during tank removal.
Oil Tank Solutions’ goal is to make the processes of oil tank removal as quick and easy as possible. For help removing your NJ Oil Tank, contact us today.