Does your homeowner's insurance cover you in the event of an oil leak?
Most do not.
Townsend Insurance Group can help.
If you own an oil tank and your agent hasn’t discussed the Escaped Fuel Endorsement with you, they are leaving you exposed for a potential claim that YOU would be responsible for.
Insurance Carriers DON’T automatically provide coverage for oil tank leaks. This could leave you liable for tens of thousands of dollars in clean-up costs.
“Massachusetts homeowners are often stunned to learn they are on the hook for thousands of dollars in cleanup costs for heating oil spills because they are not covered by standard insurance policies. An inexpensive rider is available, but consumers have to know to ask for it.” - NBC (click to read article)
A recent WCVB article revealed the true costs of a heating oil spill in a residential home, with one homeowner being on the hook for over $200,000 in damages. The cost of cleanup and damages is not covered by standard homeowner’s insurance policies.
How much is the rider that would cover most of the heating oil spill costs? Only $50 to $200 per year. Plus, this coverage can be added at any time – not just upon your policy renewal.
In fact, insurance companies have been required to offer this coverage since 2010. Most carriers offer $100,000 personal property coverage and $300,000 third-party damages under this inexpensive rider (coverage amounts vary by carrier). Homeowners are usually not aware of this coverage unless their agent points it out to them. Unfortunately, many Massachusetts residents have not been informed about this coverage, as evidenced by the fact that only 48,000 of the 700,000 oil-heated homes in Massachusetts are properly covered.
Request a free consultation.
At Townsend Insurance Group, we take the time to fully understand our clients’ needs and provide the most appropriate coverage at competitive rates.
Fill out the form for a free comprehensive insurance review from the Townsend Insurance Group to identify this and other potential gaps in your coverage.