Fear of the flue being blocked? What kind of insulation are you wrapping around that pipe? LOL
But yea, just get the stuff Mike said. Don't go too expensive.
In truth, you're not going to save that much heat wrapping them up, especially if you live in a 2 story house because you can only do the basement. I've wrapped them in my old bungalow as well as my new 2 story and it does help a little, but if you stop using the hot water for more then a half an hour it's going to cool off whether it's wrapped or not.
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