Insurance companies and states have strict rules over the situations around storage of harmful chemicals and fuels– with the
family garage not considered the ideal suitable for bulk storage. A spokesperson for the Insurance Council of Australia cautioned”policyholders have a duty to divulge anything that materially alters the danger profile of their home and considerable fuel storage might make up such a change”.
“Home insurance policies have exemptions for loss or damage arising from failure to abide by laws,” the spokesperson said.
“Those thinking about saving big quantities of fuel on properties need to adhere to suitable standards for storage of unsafe products.”
“The Insurance Council motivates anyone with questions about their protection to examine their Product Disclosure Statements and to call their insurance provider directly.”
Homeowners are being urged to revisit the terms of their insurance coverage, with most basic policies having particular exemptions for damage or liability from dangerous products like saved fuel, contamination or contamination from chemical spills, products not kept according to legal requirements and any bulk fuel storage above fundamental domestic functions.
Any mishaps could leave homeowners footing the whole expense for clean-up expenses, property damage and even liability to neighbours in such situations.