The new law, Chapter 453 of the Acts of 2008, affects heating systems in 1 to 4 unit residences that are heated with oil.
The new law requires:
1) the installation of either an oil safety valve or an oil supply line with a protective sleeve on systems that do not presently have one; and
2) insurance companies that write homeowner insurance policies to offer coverage for leaks from oil heating stystems.
It is important to note that the ordinance only requires insurance companies to offer coverage for leaks. Coverage will only be afforded to insurance policy holders who choose to add this coverage to their homeowners insurance policy.
Additionally, insurance policy holders should know that most homeowners insurance policies do not include coverage for these types of leaks, which leaves many uninsured against such damages.
Homeowners whose homes are heated by oil should not only comply because they are required to by law, but also because these measures can prevent oil leaks and damage to your property at a minimal cost.
Installing an oil safety valve or oil supply line with a sleeve could cost between $150 to $350. Considering the amount of damage that an oil leak could cause, this expense is insignificant.
There is financial assistance available to those households who qualify for the Low Income Home Energy Assistance Program (LIHEAP) .
