Did you know hot water tanks are recommended to be replaced every 8-12 years. If you don’t replace or service your tank you might find yourself in hot water. I recently visited a client’s basement rental property that was destroyed by a hot water tank that was replaced in 2011. That tank caused enough damage to the suite to result in the bottom 2 feet of every wall needing to be replaced, insulation, vapor barrier, flooring trim, baseboard and even door slabs. Luckily most of the kitchen cabinets could be salvaged saving them thousands. Not only is there the cost of repairs but they have now had an empty suite for 5 months.
The estimated cost to fix the unit landed between $60,000-$80,000
What does it cost to replace a tank?
The cost to replace a tank can range from $1500 – $2500 for a total cost of $12.50 – $20/ month over 10 years .
Not only can the damage be catastrophic, but your insurance premiums may be more than it would have cost to change the tank and in a worse case scenario your insurance may not cover the damage as many newer policies include that they don’t cover damage caused by water tanks over 10 years old.
It is a simple process to check your tank and find the date which is either written on the front or will have a sticker indicating when it was installed. This simple check will help you with peace of mind and prevent a significant loss to a homeowner.
In most cases changing out a hot water tank can be completed in one business day without a city permit. Not only do you protect your home, but new tanks are much more efficient, saving you money on utilities down the road.
