If you have an underground oil tank, you should have it inspected by a professional regularly and carry insurance that covers it. In some cases, you may have to replace the oil tank, especially if it’s too old or keeps developing leaks.
If you have a tank in your home, you may have heard people complaining about them and you may be wondering what the problem is. To help you out, here are some of the common issues that arise with oil tanks:
High cost of repairing leaks
If you have an underground oil tank, you are at high risk of an oil leak – and whether you have one now or will have one later, the cost of cleaning up contaminated soil and water sources can be high.
You may need to excavate a considerable portion of your land to remove and restore soil, as well as clean up any contaminated water sources. In addition to cleanup costs, you will need to repair or undertake oil tank replacement.
Homeowners insurance rarely covers these charges; if you look closely, you’ll most likely find a disclaimer for oil tanks in your policy. Some jurisdictions provide funding to help with the costs of cleaning up the oil, but the number of claims exceeds the amount of money available, so your insurance may only cover a portion of your charges.
Risk of reducing property value
If you have an oil tank, you may encounter a few issues regarding property value. First, people interested in purchasing your home will require evidence confirming that the oil tank has not contaminated the property.
If you are unable to provide documentation, prospective buyers will likely presume there is some level of pollution, which will lower your property’s value.
Unfortunately, even if you have someone who wants to buy the property with the underground oil tank, they may be unable to do so because many banks will not finance properties with underground oil tanks.
You can get sued
In addition to the cost of cleaning an oil leak and repairing or replacing your oil tank, you may face legal action from the affected neighbors. For example, in the event the oil leak contaminates a nearby well, you may face a lawsuit to recover the costs.
Utility companies and other entities have been known to file lawsuits when they are nearby, and your oil leak has damaged their property.
Health risks for you and your family
The high quantity of oil fumes that may accompany your oil leak can be harmful to your health. Short-term side effects include disorientation, nausea, dizziness, drowsiness, headaches, and others. Prolonged exposure might have far-reaching negative consequences for your health. If you smell oil, you should leave the area to minimize health risks.
You also should get your loved ones out of the area.
You risk damaging the environment.
Aside from the costs, an oil leak can have a terrible environmental impact. A gradual leak that develops over time can easily move from the soil into groundwater—and from groundwater into surface water.
Groundwater may become unavailable for irrigation, which might be disastrous for many people, particularly local farmers. If a leak persists for an extended period, it may contaminate surface water, endangering public health and wildlife.
With these considerations in mind, it is critical to evaluate your risk of an oil leak.
How can you tell your oil tank is a risk?
One of the most critical criteria in determining your risk is the age of your tank, as the likelihood of a leak grows with age. How long has your oil tank been in place? If it’s more than 15 years, you may be at risk, and you should highly consider having it checked by a professional.
Because the steel tank is constantly exposed to moisture in the ground, it begins to rust.
While this is a slow process, the longer the oil tank remains in the ground, the more severe the corrosion will grow. Eventually, holes will start to form.
These holes continue to grow, allowing more oil to leak from the tank and get into the surrounding soil, polluting the earth and potentially damaging your home’s foundation, as well as adjacent wells and water sources.
Leaks can occur from sources other than the tank itself, regardless of its material. These sources include:
- Corrosion of pipes, screws, and bolts
- Cracks in pipes, screws, and bolts
- Loose screws or nuts in pipes
If you don’t know much about your home’s history, you can find out when it was built, which can help you determine whether it had an underground oil tank.
How can you prevent the oil tank problems?
If you’re using an oil tank, there are a number of things you can do to prevent an oil spill from contaminating your property and anyone around it. These things include:
Have it inspected by a licensed environmental professional.
The fact that you can’t see your underground oil tank is one of the most challenging aspects of ensuring it remains leak-free. That makes things more complicated.
A competent environmental professional will conduct several tests on the soil and water surrounding the tank to ensure that there is no oil present.
You can use the documentation they provide as proof that your oil tank is in good condition and not leaking. If a qualified environmental professional finds a crack, they can give you an estimate for repairing or replacing the tank.
Remove the tank
The only way to avoid the hazards associated with an oil tank is to remove it from your property. If you find an abandoned tank on your property, you should remove it.
While above-ground oil tanks face many of the same problems, their shelter from soil moisture helps minimize rusting and corrosion.
Furthermore, above-ground tanks are easy for you and a professional to inspect, allowing you to monitor their condition and identify problems early, reducing your risk.
If you feel the tanks are too much of a risk, you should even consider undertaking oil-to-gas conversions Huntington that eliminate the need for the tanks.