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Insofast & R-value questions

We are starting to finish our basement and saw this product on a recent episode of TOH. Has anyone used it? We have a poured concrete basement that is super dry, have never had a drop of moisture in the last 6.5 years.
Also, this is our first big diy project and were also wondering if that R-value on this will be sufficient? Is that something that is regulated by the township or state building codes or are we free to do whatever we want?

Thanks so much for any advice.

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