Hot water tanks eventually rust out and will start leaking after many years. My first replacement leaked right after the warranty expired and for my second replacement, I purchased one with the longest warranty available (12 years). I was out of town when it was replaced, and my friend got several quotes and found Home Depot was the lowest for the tank and installation. Since I don’t have a drain in the basement, I should have gotten a drain pan installed underneath the tank as well.
To be alerted next time the tank fails, I installed a flood sensor but ran it from an AC adapter instead of batteries. I worried about batteries dying being left in the alarm for years. There are single use detectors available as well. When I installed my monitored alarm, I also added a second flood detector which required a separate 470pb probe.
You can replace the anode in a hot water tank to extends its life. I think once my second tank goes, I will switch to a tankless heater.