If the pipe insulation is in good condition, and there is little or no chance of it being disturbed, it is probably best to leave it in place. If the pipe insulation is slightly damaged, it can usually be repaired or encapsulated using various methods. Often, there is less risk repairing the material than removing it.
EPA does not regulate the removal and disposal of asbestos containing material from privately owned single family residences. However, if the material cannot be adequately repaired or encapsulated, we do recommend that some types of asbestos containing materials be handled by a licensed abatement contractor who is trained to properly handle the material.