A heating oil storage tank offers an important advantage: the ability to safely store an adequate supply of heating oil that’s ready for immediate use whenever a need to heat the home arises.
Most oil tanks are now built of corrosion-resistant materials. The newest generation of aboveground tanks generally can be installed in small or unusually shaped spaces in basements or garages. Tanks can also be installed outdoors and hidden in a tank enclosure. Some new heating oil tanks are being installed below ground using new, innovative technologies.
Although leaks do occur in residential oil tanks, they are extremely rare.
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.
Read more about oil tanks.
* Powderhorn Agency.