A pipe blanket is provided for wrapping around and insulating a pipe. The pipe blanket comprises an insulation mat having an outer surface and an inner surface adapted to lie adjacent the pipe when the pipe blanket is wrapped around the pipe. An outer cover of the pipe blanket is coupled to the outer surface of the insulation mat. The insulation mat is configured to enclose a variety of pipes having different sized diameters. The pipe blanket further includes a closure means configured for securing the insulation mat and outer cover about the pipe. The insulation mat further includes a plurality of pleats.