By: Brandon Grant

Oil Tanks

Tags: Oil Tanks

Oil tank spills have been on the rise this past decade and insurance companies have spent billions of dollars on clean ups. You will notice that your home insurance will include a rider if you have an oil furnace and tank. You may also want to read your insurance policy to be informed on what it will cover. The home owner must take precautions when they own an oil tank. Here is a brochure from the Insurance Bureau of Canada that shows you tips on how to take care of your tank.

Today, if your fuel oil distributors condemn your tank you will have to pay out of pocket to replace it with a fiberglass tank. Code today, requires that the tank be placed on a slab of concrete, thus they cannot just set the tank on the ground outside. Some people change over to a gas or propane furnace when it is time to change the oil tank.

When preparing to sell your house, you will need your oil supplier to fill out a “Fuel Oil Distributors” checklist. This checklist is regulated by the Technical Safety & Standards Association (TSSA). Your new Buyer will not be able to get insurance unless they can prove compliance by providing these papers to their insurance company.