Most residential tanks are made of steel, which naturally corrodes over time. If a tank leaks, the current property owner is typically responsible for the cleanup, regardless of when the leak started.
Many lenders will not approve a mortgage for a home with a buried tank, and insurance companies often refuse to issue policies or may charge significantly higher premiums. Standard homeowner policies almost never cover leaks from underground tanks. buying a house with underground oil tank
The costs associated with underground tanks vary drastically based on whether a leak has occurred. Most residential tanks are made of steel, which
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