Loading ...The Big Island is parsed into lava-threat zones as shown here:
http://hvo.wr.usgs.gov/hazards/lavazones/main.html
Fire insurance (lava is considered ‘fire’) is based on the zone. Zone 1 is the rift-ridge with craters from recent historic eruptions, where a vent could open up at any time. Zone 2 is in the downslope flow areas from zone 1. Zone 3 is further out still, and historically safer. I’m in Zone 2…. very near the arbitrary zone 3 line.
Commercial national insurance will not touch these areas for risk. This makes it difficult to obtain a mortgage to buy property here. The state sponsored a local insurance company to offer fire risk insurance to homeowners in these areas, but it is expensive.
I have no mortgage… cashed out my ‘retirement funds’ and paid cash for my property. I originally planned to rent out the property so I got the state Fire insurance. Annual premium around $2700 for about $220k of coverage. I may not continue that next year as it amounts to 10% or more of my annual SS income. The lava risk for my area is decreasing now as the flow is going in a different direction. Topographic analysis suggests that the flow would miss my house if it came down thru this area anyway.
I have replaced all my electrical outlets and fixed electrical fire hazards. New stove. Fire extinguishers in kitchen and garage areas. So I’m in good shape against a domestic fire possibility. I think I will save the fire insurance premium next year. Lava won’t be coming to my house in my lifetime is my bet.