buried oil tank start to corrode and rust

Oil tanks, whether in residential or commercial areas, are installed either indoors (typically above-ground) or outdoors (typically underground). Both options come with risks, but, according to oil tank removal Newark experts, oil tanks are known to be much riskier.

Records indicate over 100,000 underground oil tanks in New Jersey. Such a massive number can be potentially hazardous to the environment. As such, experts have advised property owners who suspect an undisclosed underground oil tank on their premises to have an oil tank sweep test conducted as soon as possible and, if necessary, to have inactive tanks removed from the area.

If you happen to own an underground oil tank, there are a number of ways to ensure proper maintenance. It would be advisable to have your oil tank company hotline saved in the case of a disaster, as the repercussions are difficult to address without proper assistance.

What are the risks of owning an oil tank?

  1. The risk of an oil spill. Oil spills resulting from a tank leak can cost tens of thousands of dollars to clean, especially if they reach crucial decontamination levels. In the case of a spill, the law mandates timely reporting to the proper authorities, in addition to alerting neighboring areas, in order to mitigate the imposing threat. If the leak is severe enough, it might require environmental remediation and a soil removal service. 

Although New Jersey has a budget set aside for underground oil tank removal, many property owners have acted on their own to retain the value of their property, seeking help from a reliable oil tank removal Newark company like Oil Tank Pros for a timely and reliable solution. 

  1. The money matters. Unfortunately, not all oil tank leaks qualify for insurance coverage. With the passing of the Oil Tank Exclusion Policy in 2005, some insurance companies reserve the right to deny coverage of even a small percentage of the cost. This policy also allows insurance companies to withhold the cost of oil tank damages to the neighboring areas of the insurance policyholder. 

If you are still considering investing in an oil tank, you should ensure that you have the proper coverage in order to avoid a situation like this. 

  1. The complicated clean-up service requirement. Oil tank leaks or damage can result in soil contamination. Because of this, loan bankers and insurance companies generally demand a total cleanup, which can become extremely expensive. Due to the potential risks associated with owning an oil tank, financing companies tend to be picky when it comes to home mortgages. Experts advise property owners to opt in for a complete oil tank removal in order to maintain or increase the value of their property. 
  1. The risk of undetected leaks. Oil is only safe when stored properly. However, with underground oil tanks, the likelihood of undetected leaks remains incredibly high. This can be a hazard not only to your property and the surrounding environment, but also to your health, so it is important to be aware of the risks of owning an oil tank from the start. 

Address your oil tank woes by calling oil tank removal pros in New Jersey! Our professional team will go the extra mile to ensure that the job is done safely and efficiently while keeping you fully informed along the way–from cost to timelines and everything in between. Give us a call today!