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You might need to remove a storage tank for a variety of reasons. In some areas, government regulations require tank removal after a certain time period. Leaking tanks can also pose hazards to drinking water and the environment, and many municipalities block property sales until an inspection verifies the safe condition of an oil tank.

Most homeowners insurance policies don't cover oil tank removal, but there are exceptions. Review your policy or speak to your insurance agent about your coverage. In some cases, you may amend homeowner’s insurance policies to cover the cost of removal if there's a leak. You can also take out a special oil tank insurance policy to cover oil tank removal and replacement.

One option for disposing of an oil tank is to take it to a dismantling yard or salvage yard for recycling. If a salvage yard isn’t an option, you can contact a local landfill or a local oil tank removal service for help finding a proper disposal location for your tank. Typically, you’ll need to show there’s no sludge or residue in the tank.

Oil tank leaks can present in several ways, such as inexplicably high utility bills or irregular oil consumption. The presence of oil can also result in oily smells in your yard or basement, oily sheens on groundwater, and spots on your yard. Oil leaks are also harmful to the environment and may be accompanied by dying vegetation.