Turns out there is a heck of a lot you can do to help pay for damages.
There are a lot of advantages to having oil for your heating fuel-The Department of Ecology studies indicate that oil heats 16% more efficiently than natural gas. With those advantages of course, some concerns. How does your homeowner’s insurance and oil heat go together?
The State of Massachusetts had some concerns also. Back in 2008, Massachusetts passed a law that requires:
1) The installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices; and
2) Any insurance company that offers homeowners policy must offer coverages for leaks from heating systems that use oil.
It’s been more than 13 years since that law has passed, but coverage for oil leaks is still a relatively unsold product. As your agent, we feel its important to educate you on your options for protection against costly clean up and repair.
So, what are your options and why should you consider buying this oil leak/escaped fuel coverage?
Regardless of the age of your oil system, there is the possibility of an oil spill if you have oil heating.
When you compare the cost of purchasing coverage to the cost of cleaning up an oil spill, it becomes very easy to see why adding escaped fuel coverage is a smart decision. Usually costing between $100-$200 a year depending on the limits of coverage you choose, the benefits of purchasing far outweigh the potential cost of cleanup-which usually exceed $50,000.
If you are interested in learning more, or purchasing coverage, give us a call. We’ll be happy to go over the requirements of purchasing coverage, the risks and benefits, and of course, your cost.
We’re Here For You.