As temperatures drop this autumn, 42 percent of homeowners in Atlantic Canada will rely on oil to heat their homes,  according to the Insurance Bureau of Canada (IBC). What many of these homeowners may not realize, however, is that if their oil tank spills or leaks they could end up with a bill for more than a quarter million dollars in cleanup costs. 

Cleanup from oil tank damage typically involves replacing both the tank and supply lines, removing contaminated soil from around your house and even replacing your home's foundation. This costs homeowners an average of $250,000-$500,000, and is typically not covered by homeowners insurance. 

If you don't have that much cash on hand for a sudden repair, it is extremely important to make sure your oil tank is well-maintained all year. To help keep your oil tank in proper working condition, the IBC suggests taking the following actions:

• Regularly inspect your tank for signs of corrosion, such as rust or shifting.
• Ask your oil distributor to do a visual inspection of your tank if you are uncertain about its age or condition.
• Protect your tank lines from foot traffic.
• Make sure your tank, lines and connections, as well as the areas around them, are kept clear of snow and ice. Your fuel oil company may provide shielding devices.
• Keep your roof clear of snow and ice that could fall on your tank.

Now is the ideal time to inspect your oil tank, before leaves or snow accumulate around it. It is also smart to check up on it before the cold sets in, because its better to have your oil out of commission for a few days of repairs before winter's freezing conditions set in. 

For more information about home insurance in Saint John and the surrounding area, contact us at Fundy Mutual today.