Most residential tanks are made of steel, which naturally corrodes over time. If a tank leaks, the current property owner is typically responsible for the cleanup, regardless of when the leak started.
The costs associated with underground tanks vary drastically based on whether a leak has occurred. buying a house with underground oil tank
Many lenders will not approve a mortgage for a home with a buried tank, and insurance companies often refuse to issue policies or may charge significantly higher premiums. Standard homeowner policies almost never cover leaks from underground tanks. Most residential tanks are made of steel, which
A buried tank is a major "red flag" that can scare away buyers and decrease property value. Future resale may be difficult unless the tank is removed and certified clean. Financial Breakdown buying a house with underground oil tank