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I would pull off all the old insulation. Inspect and repair any pin hole rust if any, purchase newer/higher rated insulation and recover your duct. I would then purchase a gallon or so of mastic and put a thin layer over all of the new insulation and tape. This dries hard but flexible like silicone... It will prevent the new insulation from getting damaged from moisture and should last for many years to come. I would think while uncomfortable, would be an easy job to do and you could save yourself some bucks...
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He was a helluva plumber and his outfit was self explanatory
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