TE:
I'd also be interested in Michaels response!
I can tell you that I have seen framed walls with Foamboard/Styro insulation which had been abused... firewood piled outside and you guessed it, that made for a NICELY comfortable home for a set of BOTH bugs... The end basement wall on this one place I will never forget, was riddled with nests and runnels and the bugs had gotten as far as the floorjoists: taken out some of the upper level structure and plywood subfloor (which was how the damage was discovered) There was NO visible interior or exterior evidence... no tunnels or other major cues... the bugs were living in part on condensation IN the wall :blink: .
The insualtion was an mid 70s early 80's remodel and may have had cellulose (woodfiber) components, significantly more attractive to termites and carpenter ants than the TRUE styrofoam used in most modern ICF construction.
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Becuase of seeing such problems, I did no small amount of research prior to building the below grade ICF basement wall properties we designed... In our case the below grade area was primed and then had a full 1/4 of tar backed plastic on ALL below grade exposed surfaces. PURPORTEDLY this forms a fully impenetrable barrier: the bugs do not like full petrochemical products. Supposedly also the foam was NON attractive to bugs, however ANY easily masticated product can become a hideyhole (or lunch) for wood destroying insects (and animals too)

.
That said, I have carefully inspected (and I don't mean 'viewed'

) the exterior and interior of many homes built of ICF above and/or below grade and have yet to see or hear of any bug problems with any properties built after say 1990. MOST had termite treated soil however... and that may have something to do with the LACK of observable damage. Or it could just be hidden.
No buyer reaction that's for sure.