In some parts of the country there are homes that are still heated by oil storage tanks. Like any structure in the home, oil storage tanks must be cared for in order to work properly. Left uncared for, the oil storage tank can become unstable, begin to leak, and cause massive amounts of damage to the environment and surrounding area. When it comes to insuring a home with an oil tank, there has to be regular inspections and care given so the tank remains in top shape or the insurance company will not insure the home.
The tank should be inspected on yearly basis so that it works properly. The first thing to check is the condition of the lines. Look for cracks or evidence of small leaks. If any damage is found, have it repaired by a licensed contractor. Second, make sure the cap and vent are connected and tight. The cap keeps foreign matter from entering the tanks and a clean vent allows pressure to remain equal in the tank to prevent explosion. Also take a look and inspect the stands of which the tank sits. The stands should be in good shape to make sure that it does not fall over.
Tanks should also be kept clean to allow for maximum operation. Keep the outside of the tank free from ice and snow to it can be accessed with ease should the tank need to be worked on or filled. To clean the inside, remove the cap and fill the tank with water and Tri Sodium Phosphate, also known as TSP. Use a hose and air compressor to blow air through the mixture. Allow the process to continue for up to 12 hours. Drain the tank and allow it to dry out. In order to use the tank run one gallon of alcohol through it and drain. Allow the tank to dry and fill with oil when ready.
Comparing the different home and auto insurance plans available is the best way to match yourself up with the policy that’s right for you. But sometimes, language can get in the way of helping you arrive at a perfectly sound decision—and what might sound good on paper today could be revealed as a horrible choice if you actually use your insurance. One of the most important terms you’ll need to be familiar with when shopping for car and homeowner insurance quotes is “replacement cost.”
What Does Replacement Cost Mean?
Essentially, replacement cost determines how your insurance company will reimburse you if your home or your vehicle are damaged beyond any reasonable ability to repair them. This is what happens when a car or a home is “totaled” and the insurance company decides it would be cheaper to offer you money for replacement instead of repair. If your insurance policy offers replacement cost over actual cash value, you’re in good shape. The actual cash value method figures in depreciation, whereas replacement cost doesn’t.
Premium Price Differences
Needless to say, the insurance companies aren’t stupid—by offering you a policy that guarantees they’ll pay you for the full value of what it takes to replace your car or home, they know they’re putting themselves in a position to pay out substantially more than they would by offering actual cash value. They make up for this difference by charging more for replacement value coverage, and in some cases you can only get actual cash value coverage. Keep this front and center to all of your decisions when getting homeowner insurance quotes. If you own a lot of expensive items, choosing the insurer that offers you replacement value is the only smart option.