If you’re worried you might be dealing with a damaged underground oil tank, it’s important you understand how serious the situation can get.
By knowing that there’s more at stake than just the financial side of things (and the financial side can be significant!), we hope you’ll see the value in monitoring your underground oil tank.
As GreenTrax, Inc., we have years of experience handling underground and aboveground heating oil tanks in Maryland.
Today we’re sharing that experience with you to help you understand just how problematic a damaged underground oil tank can become – and the steps you can take to protect your home and your investment.
4 Major Risks & Consequences Of A Damaged Underground Oil Tank
The problem many homeowners face with underground oil tanks is just that – they’re underground. Because of that, it’s not always immediately obvious if the tank is damaged.
Over time, though, damage becomes more and more likely. Whether it comes from corrosion from the moisture in the soil, natural disasters, or other types of external forces (like construction or heavy vehicles passing by), that damage can have some pretty nasty results.
A damaged underground oil tank can develop leaks that can go undetected for a long time. Leaked oil can contaminate the surrounding soil and groundwater, and can also pose a fire hazard.
The consequences of undetected leaks can be significant, and can end up impacting the health of your family and other nearby residents.
Leaked oil can also contaminate groundwater. This can have serious consequences for the environment and can also affect the quality of drinking water.
This can lead to one of the most expensive and difficult types of remediation.
A damaged underground oil tank can also pose a risk to the structure it is buried beneath. Over time, the weight of the tank and the pressure from the surrounding soil can cause damage to the foundation or walls of the structure.
This can result in costly repairs or even make the property unsafe for occupancy.
Legal and financial liability
Property owners are responsible for any environmental damage caused by their underground oil tanks.
In addition, a damaged underground oil tank can impact the resale value of a property, resulting in further financial losses for the property owner.
Costs of Addressing A Damaged Underground Oil Tank
While many people worry about the costs of replacing their underground oil tank, the truth is that it’s better to be proactive than reactive.
You don’t have to look far to see the impacts of a damaged underground oil tank, as homeowners in New Jersey ended up paying more than $30,000 to deal with their. That process began after they discovered their underground oil tank had been leaking, and ultimately lasted for months.
Whereas removing an underground oil tank is affordable (you can find out more about our underground oil tank removal service here) and can be done in as little as a day, a leaking oil tank is another story.
Once a leak is found, you are now looking at a budget of up to $20,000 to deal with the contaminated soil.
If it’s found that the oil has leaked into the groundwater, those costs can reach past $100,000.
To make that cost even more frightening, there are few homeowner insurance policies that will cover a damaged underground oil tank. There are exceptions, but even still, it’s unlikely that the total cost would be reimbursed.
In addition to the financial cost, there’s also the time involved. Let’s say you’re trying to sell your home when you find out about the damaged underground oil tank that’s been mucking up the soil surrounding your property. The process to remove all of the contamination could take months.
With that said, you have a fairly straightforward way of avoiding all of these costs, pains, and discomforts:
Remove your underground oil tank before it becomes a problem.
Work With GreenTrax To Remove Your Damaged Underground Oil Tank
With over 25 years of experience handling underground storage tank installation and removal, we are here to make sure the job gets done quickly, safely, and professionally.
We handle excavation, tank removal, the proper disposal of tank and liquid waste product, soil testing (with both onsite and lab tests), clean backfill dirt, seed & straw placed over the disturbed area, and the closure packet with all required paperwork.
In short, we help you take care of the problem before it becomes a problem. To learn more about GreenTRAX’s service, or to request a consultation for your home, please get in touch with our team today.