How would you repair this exterior foundation insulation/wrap?
Usually I don't get stumped like this, but I'm finally at such a loss my brain hurts.
A home I purchased, which was built in 2005 located in the upper Minnesota/US (frigid winters, balmy summers) has the larger faces of the above-grade poured foundation covered in a strange insulation on the outside I cannot ascertain to the life of me what it is, where to get more of it; or how to fix it.
As you can see below, various parts are 'ripped'; I'm guessing partly due to a poor trimming job and also due to shrinkage from hot summer sun.
I've had advice to "rip it all off, insulation doesn't belong outside"; but I do know people use foam panels on the outside (WHY it's this fiberglass stuff is beyond me...) Pulling it off isn't really an option unless I cover it back up because the foundation is sealed with the black foundation sealant (roll-on tar -like stuff) and the fiberglass strands are half stuck to it.