Personal Insurance Blog

8-Aug-2023 Matt Parisi

How a Small Spill Becomes a Catastrophic Mess: The Importance of Oil Spill Protection for Your Home


While traditional homeowners’ insurance covers a range of perils, such as fire, theft, and natural disasters, there's one crucial aspect that often goes unnoticed: oil spills. Amidst 650,000 Massachusetts homes heated with oil, a mere 7% of them are protected from the financial catastrophe resulting from a homestead oil leak. Despite Massachusetts having over 100 residential oil system leaks every year, a majority of policyholders are entirely uninsured. These accidents leave families on the hook for hundreds of thousands of dollars when they could have been protected.

The Environmental Threat

Home heating oil spills can occur due to various reasons, such as faulty heating systems, storage tank leaks, or accidents during refueling. The aftermath of an oil spill can lead to contaminated soil, groundwater pollution, and long-lasting ecological damage. When a spill occurs, folks are forced to leave their home during the cleanup process, stuck looking for temporary housing on their own dime if uninsured. With total costs often surmounting $200,000, many consider the Escaped Liquid Fuel Endorsement a cornerstone on a Northeastern homeowner’s policy.

Comprehensive Protection

The Escaped Liquid Fuel Endorsement provides an added layer of protection that can save you from financial ruin. This coverage typically encompasses the cost of cleanup, restoration of property, and even liability for third-party damages. Premiums can range from $50-$100 annually depending on the carrier. By opting for this coverage, you not only shield your home from potential devastation but also contribute to the preservation of the environment.

Consultation and Customization

The possibility of an oil spill always remains so long as you have oil heat. It's essential to consult with your insurance provider to understand the specifics of the policy. Every homeowner's situation is unique, and a professional can help you customize a plan that aligns with your needs and potential risks. Give us a call if you have oil heating and would like to know more about protecting yourself.

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