Most homeowners overlook the risks associated with not having oil tank insurance for their residential fuel oil tank. Many homeowners throughout the northeast have in ground heating oil tanks on their property and don't realize they are not covered. Conventional homeowner's insurance policies normally don't cover the costs related to leaking above ground and in ground heating oil tank leaks. Homeowners could easily accumulate tens to hundreds of thousands in clean-up cost, not having the proper oil tank insurance.
It seems like oil tank insurance has become a thing of the past for most insurance carriers, not wanting to assume the liability of a spill. The expense resulting from an oil tank leak can be catastrophic, and could wipe out equity that has taken years to build. Don't assume you have oil tank insurance coverage for spills, leaks, and soil contamination. Take out a few minutes of your time and call your insurance company and ask; it's worth knowing.
In 2005 when Zurich made a corporate decision to pull out of the residential oil tank insurance business, some believe it created a domino effect. Some think this set the wheels in motion for many oil tank insurance providers to re-evaluate their bottom line due to environmental exposure. This sent most homeowners scattering in a quest to find in ground oil tank insurance to protect their land and home.
Obtaining residential in ground oil tank insurance has become quite trying to many consumers that want to protect their home. We agree, when polling most homeowner's insurance companies and asking the question, "do you offer oil tank insurance for in ground or above ground residential heating oil tanks"? Most were quick to say no.
If you live in NY, NJ, CT, PA, MA, VT, RI, or ME and are interested in oil tank insurance, have the team at Heating Oil News help. Go to contact us and request information on oil tank insurance and/or leak protection at no cost to you. Heating Oil News will forward your request to a company who can assist you in finding coverage.
Oil tank insurance and leak protection programs are available throughout New York, New Jersey, Connecticut, Pennsylvania and Massachusetts. Also ask about protection in certain areas of Vermont, Rhode Island and Maine. Residential in ground and above ground oil tanks are commonplace throughout the northeast and proper measures should be taken to protect your investment.
Heating Oil News