Insurance issues with oil tanks
Oil tanks can rust, deteriorate, and leak oil resulting in an environmental cleanup that can amount to thousands or hundreds of thousands of dollars. Most spills have occurred from oil tanks that are 15 years of age or older. An insurance company may insure oil tanks that are less than 25 years old provided the tank has been inspected by a Technical Standards and Safety Authority (TSSA) inspector. If your oil tank is more than 25 years old, an insurance company may require you to replace it with a gas or electrical furnace before they will provide you with homeowners insurance coverage.
Insurance Tip
If you are considering purchasing an older home, you should consult your insurance broker to see what kind upgrades may be required before obtaining homeowners insurance coverage. You will be able to factor the upgrades into your offer price and you will avoid any unpleasant surprises later on.
Related posts
Ontario Insurance News Roundup for March 17, 2020
Here are some of the Ontario insurance news stories from the past week.Ontario Insurance News Roundup for March 17, 2020 The Ontario Insurance News Roundup for the past week looks at COVID-19, flood prevention, taxi insurance, and first-time homebuyers. Ontario...
Ontario Insurance News Roundup for March 3, 2020
Here are some of the Ontario insurance news stories from the past week.Ontario Insurance News Roundup for March 3, 2020 The Ontario Insurance News Roundup for the past week looks at changes to Ontario's out-of-country health insurance coverage, mortgage stress tests,...
OHIP out-of-country coverage cancelled
Ontario residents have lost most of their out-of-country coverage through the Ontario Hospital Insurance Plan (OHIP).Ontario cancels out-of-country coverage Effective January 1, 2020, Ontario residents have lost most of their out-of-country coverage through the...