Before gas heating became more affordable and thus widespread across Canada, oil tanks were a very popular feature in homes all over the country. While the majority of domestic properties in Vancouver are now kept warm with gas powered furnaces, a significant number of buried oil tanks remain, unbeknownst to homeowners.
As a current or soon-to-be homeowner in Vancouver, it is important to be up to speed on oil tanks and what it means for you and your property.
• An oil tank is a large container made of steel, most popularly used to store furnace oil for the purpose of heating a home. Due to their large size, oil tanks have often been built into the underground of a property’s exterior. In the case of some properties, other tanks for gas and other materials have been built above ground while the oil tank remains buried, which may make it less straightforward for homeowners to identify a buried oil tank on their property.
• Homeowners in Canada are advised to make sure that there are no disused and/or buried oil tanks on their properties, as oil tank leaks can be toxic and potentially very destructive to their surrounding environment.
• Insurance providers will often refuse to insure a property with a buried oil tank as they are recognized as a plausible liability.
• Be aware that oil tanks can easily rust and should be approached carefully. Oil tanks that have been out of use for many years can easily spring a leak when discovered, as they are far more fragile than they appear to be.
• Homeowners who are planning to sell their home should be aware that it is required by law that old oil tanks be removed in order for a mortgage to be approved for new buyers.
As a current or soon-to-be homeowner in Vancouver, it is important to be up to speed on oil tanks and what it means for you and your property.
• An oil tank is a large container made of steel, most popularly used to store furnace oil for the purpose of heating a home. Due to their large size, oil tanks have often been built into the underground of a property’s exterior. In the case of some properties, other tanks for gas and other materials have been built above ground while the oil tank remains buried, which may make it less straightforward for homeowners to identify a buried oil tank on their property.
• Homeowners in Canada are advised to make sure that there are no disused and/or buried oil tanks on their properties, as oil tank leaks can be toxic and potentially very destructive to their surrounding environment.
• Insurance providers will often refuse to insure a property with a buried oil tank as they are recognized as a plausible liability.
• Be aware that oil tanks can easily rust and should be approached carefully. Oil tanks that have been out of use for many years can easily spring a leak when discovered, as they are far more fragile than they appear to be.
• Homeowners who are planning to sell their home should be aware that it is required by law that old oil tanks be removed in order for a mortgage to be approved for new buyers.
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