If you have an oil based heating system your oil tank is one of the most important parts of that system, as it stores the fuel needed to make your furnace run and keep your home warm and cosy all winter. While issues with a properly maintained and inspected tank are rare it’s always good to be prepared in case something does go wrong. Oil tank insurance will help keep out of pocket costs down if your tank leaks and causes problems.  Oil tanks are usually covered under your homeowners insurance. When buying a new home it’s a good idea to have the oil tank inspected to determine its condition before buying, so you know whether to factor an oil tank replacement into your budget