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Underground Oil Tanks: Replace or Insure?

Posted by TomR on August 3rd, 1998 01:03 AM

Weve recently purchased a 44 year-old home heated with oil-fired hot air. Our initial plan was to convert the house to gas since its now available, but as it turns out, the heater was replaced in 1997, so were thinking why spend the money.

The part of the system that was not replaced, and is, to the best of our knowledge, original, is the oil tank, a 550 gallon unit buried in the front yard. Now, we had the tank tested (no leaks) since even if we went to gas we would want it removed. It qualifies for the insurance plan offered by most of the oil suppliers around here. However, the insurance only covers the cleanup of the soil from the leak, not the tank replacement. We are toying with replacing the tank now instead of waiting. Any opinions? If we were to replace now, should we put the new tank back in the ground, or place one in the crawlspace? Also, any experience with the fiberglass units? Anyone with a creative alternative?

Thanks for your assistance - TomR

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