Fiberglass pipe insulation.
1" black pipe takes a 1-1/4" ID insulation. 1" thick is fine for hot water pipes.
http://www.buyinsulationproductstore.com/servlet/the-457/Fiberglass-Pipe-Insulation-Pipe/Detail
Remember, your basement will become colder. So your first floor floors will be colder, and if you walk barefoot, you will think the floor is freezing cold.
1" black pipe takes a 1-1/4" ID insulation. 1" thick is fine for hot water pipes.
http://www.buyinsulationproductstore.com/servlet/the-457/Fiberglass-Pipe-Insulation-Pipe/Detail
Remember, your basement will become colder. So your first floor floors will be colder, and if you walk barefoot, you will think the floor is freezing cold.