I recently moved into a new home, and I was replacing a light bulb when I found this after removing the glass cover.
Now, I don't know much about codes and regulations, and I'm new to working on my own home, but this screams "fire hazard" to me, so I want more input before I install a bulb and continue to use this. Is this okay to have insulation next to something that gets hot? Why is/isn't it?