Oil Storage Tanks Rarely Leak
Although leaks do occur in residential oil tanks, they are extremely rare. A major national study showed that the chance of a leak from an underground oil tank is less than one-quarter of 1%.*
What’s more, the average insurance claim for a tank leak is $6,100—much lower than the alarming big-dollar figures that are sometimes reported.** And to put that $6,100 in perspective, consider that the average cost of replacing a home’s roof is $7,000 or more.
No Environmental Laws
Because heating oil tanks are not considered a threat to the environment, there are no federal or Wisconsin laws that require removal of a properly functioning, active, residential heating oil tank.
* Environ Corp.: Analysis of the potential hazard posed by No.2 fuel oil contained in underground storage tanks.