Pipe insulation is a critical aspect of every building's plumbing and heating system. Playing a significant role in conserving energy, increasing efficiency, and reducing damage caused by frozen pipes.

Primarily, pipe insulation is vital for energy conservation. As pipes are insulated, they retain more of the heat that they carry, consequently diminishing the amount of energy needed to heat the water. Put simply, the water heater does not have to work as hard, thus saving energy.

In addition, pipe insulation improves system efficiency. When pipes are insulated, they supply hot water quicker as there's less heat loss. Therefore, you won't have to wait too long for hot water to reach your faucets, showers, or appliances.

Also, pipe insulation prevents damage from frozen pipes. In freezing conditions, water pipes may freeze, possibly bursting and resulting in significant damage. Insulation serves to keep the water in the pipes above freezing temperatures, consequently preventing the risk of such damage.

Besides, pipe insulation offer practical benefits such as increased efficiency, damage prevention, and energy conservation, but it also extends the lifespan of your heating and plumbing system. Over time, pipes can corrode or wear down due to repeated temperature fluctuations. Insulating your pipes can help slow down this process, increasing their useful life.

In conclusion, the installation of pipe insulation can be a cost-effective investment. Despite the initial outlay for materials and installation, the continual energy savings, enhanced system efficiency, and reduced risk of damage makes it a worthwhile expenditure. The total you save on energy costs over time will likely offset the initial cost of insulation.

To sum up, pipe insulation is a vital part of a building's plumbing and heating system. It assists in reduce energy consumption, improve system efficiency, and prevent damage from frozen pipes. Furthermore, it increases the longevity of the system and proves to be a cost-effective investment. Therefore, it's pipe lagging often to ensure your pipes are properly insulated to gain advantage from these advantages.