Agents may want to make sure that their insureds who heat with oil are of this new requirement that has gone into effect. Homeowners that heat with oil should be aware that a new requirement under the Massachusetts Homeowner Heating Safety Law “…mandates that all oil-burning heating systems either have an oil-safety valve or a protective sleeve on the oil supply line if the oil supply line is in contact with concrete, the earth, or other floor surfaces.” The law applies to owners of 1-to4- unit residences heated with oil with costs generally ranging from $150 to $350 per system. MassDEP has put September 30, 2011 as the deadline for homeowners to bring their heating oil systems into compliance with the leak prevention requirements.
Why is this important to agents? Because in addition to these new requirements for homeowners, this new measure also gives them the ability to voluntarily purchase oil leak insurance coverage.
In addition to preventing costly, environmentally-damaging oil spills, a key benefit of the Massachusetts Homeowner Heating Safety Law – passed by the legislature in 2008 and amended in 2010 – requires insurance companies that write homeowner insurance policies to make available to all homeowners in compliance with the safety provision, coverage for leaks from home oil heating systems. There is no requirement for homeowners to buy the insurance, however homes with the proper leak-protection must be given the option to buy this insurance coverage.
This is just another easy opportunity to help your insureds make sure they know about a little publicized law as well as the opportunity to buy this additional insurance coverage.
