Tank Removal
It is a fact that fuel oil heats more than 1.5 million Canadian homes nowadays. Installed during the building boom of the 1960’s and 1970’s, most of the underground oil tanks are internally deteriorated, leading to environmental problems that can go undetected for months or years.
The Technical Standards and Safety Authority (“TSSA”) investigation statistics reveal that rusting underground tanks and poorly maintained or defective heating systems are the main source of fuel oil leaks and spills. These issues can result in severe environmental damages and high remediation costs for homeowners or Properties Management.
Removing the tank is mandatory, but also cost-effective, because:
Helps sell a house safely
Arrange to have an inspection completed on either the above ground or the underground tank prior to listing a home for sale. This removes sellers’ liability for any future safety issues pertaining to environmental hazards or the associated costs.
Saves thousands of dollars
While affected site cleanup costs typically range from $30,000 to $1,000,000 and may even require replacement of a building’s entire foundation, the costs to remove an oil tank vary from $7,000 to $10,000.
Helps gain a better home insurance premium
Tank’s aging increases the likelihood of deterioration; therefore, insurance companies require a thorough investigation prior to providing home coverage. Thousands of homeowners could soon find themselves without home insurance because most companies won’t offer protection unless the oil tank is removed. Those who can get insurance without replacing their tank will most probably face higher premiums – up to three or four times their previous rates.