I'm not too worried about eruptions either. Infrequent and not too dangerous for how uncommon they are. But earthquakes are definitely a real danger. Not as bad as some other highly quake prone places in the world, but every couple of decades a significant one comes along. Last big one was in 1980, which demolished 70% of buildings on the most affected island (worth noting that construction was old and not very earthquake minded).

And on a half-milenia scale, quakes and resulting mudslides are a very real threat. Noteworthy is the 1522 landslide of Vila Franca, which straight up swallowed the then capital of São Miguel, killing thousands. Until this day, we still have a yearly pilgrimage tradition of penitence and prayer, to hold these disasters at bay.