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From 1950 to 1980, everyone was burying unprotected bare metal oil tanks in order to purchase a larger amount of fuel at discounted price, not thinking or really understanding the inevitable consequences. An underground oil tank has a life expectancy of 15–25 years, with many contributing factors that will speed the corrosion process, such as a high groundwater table, improper installation, or condensation building up inside the tank. These tanks started to rust and corrode the day they were installed.
Most people don't realize that oil tanks are a maintenance item like many other parts of the home. There is no reason, or benefit, to keeping these tanks in the ground. They are a ticking time bomb. An average cleanup when they leak is $9,000.00, and depending on whether or not groundwater is impacted they can sometimes run as high as $100,000.00.
Upon knowledge of a potential leaking tank, Tank Masters highly recommends that you contact your homeowner's insurance company immediately. Most insurance companies will pay for a cleanup if third party contamination is encountered. Third party means that someone else's property has been compromised.
In the event that your neighbor's property or the town's property was affected, it would be considered third party. In the event that ground water has been impacted it also would be considered third party because the State owns the ground water.
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