More New Jersey homeowners may be eligible for loans to help pay for closure or replacement of underground storage tanks. The Petroleum Underground Storage Tank Remediation, Upgrade and Closure Program was previously available only to homeowners with a leaking tank. But a new law gives homeowners the ability to eliminate the risk of an uninsured loss before a leak occurs.
The Professional Insurance Agents of New Jersey, which lobbied for the bill, notes that many homeowners’ insurance companies limit or exclude coverage for oil tank leaks, leaving homeowners’ exposed to the risk for damages to their own property, as well as the property of others, should a leak occur. This is a substantial risk to which many homeowners with USTs currently are exposed, says PIA.
“Allowing homeowners to access funds to close or replace their UST will benefit all residents of our state by giving homeowners the financial ability to take corrective action before a damaging leak occurs,” said Andrew Anderson, CIC, president, PIANJ. “From a purely environmental standpoint, it makes sense to enable homeowners to close or replace an oil tank before a leak occurs. Now homeowners may access the financial resources to take this preemptive action.”
Funding assistance is available through the New Jersey Economic Development Authority. Grants and loans of up to $1,200 may be awarded for the closure of non-leaking underground home heating oil tanks. Grants and loans of up to $3,000 may be awarded for the closure and replacement of non-leaking underground home heating oil tanks.
USTs should be replaced with an above-ground storage tank whenever possible.
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