Written on: December 20, 2021
How old is your home’s heating oil tank?
The average life expectancy of a heating oil tank is 20 years. If your tank is reaching that age, or is older, now is the time to start planning for its replacement.
Replacing your heating oil tank isn’t cheap if you’re making the replacement because of a tank failure. The figures below are national average costs for the work involved. Remember, the cost of this work varies greatly depending on whether you have an aboveground tank or an underground one.
Removal and disposal of your current tank: $500 – $3,000
Soil contamination tests: $200 – $500
Installation of new heating oil tank: $500 – $1,200
However, if the soil contamination tests reveal contamination from leaked heating oil, your costs just went up, potentially a great deal. Even just a small amount of contaminated soil can cost $2,000 or more to remediate.
This is where the news gets worse. Most homeowner’s insurance almost never covers the cost of a leaking heating oil tank. That means if your home’s heating oil tank fails, you’re left holding the bag for all those costs.
You can enjoy protection from much of those expenses with a heating oil tank replacement and cleanup plan from ProGuard! Servco customers who are on Automatic Delivery for their heating oil can enroll and get proactive tank replacement and cleanup coverage up to $50,000.
ProGuard is the country’s leading provider of heating oil tank protection.
If you have an aboveground heating oil tank, inspect it regularly. You will often see signs that your heating oil tank is failing, giving you the opportunity to replace it before it does fail. This can lower your replacement costs considerable.
Here’s what to look for:
Contact Servco immediately if you see any of these on your heating oil tank. We’ll help you get started on replacing your heating oil tank with a new, high-quality tank.