I like reflectix personally. It is bubble wrapped in foil insulation. You can buy it at lowes or home depot. I used spare pieces i had laying around to do this,
You also don't need to leave much of a leave gap for air because your lights sitting on top of the cage are pulling the humidity and warm air up and out through the holes on the top.
Plexiglass works well too but its kind of a pain to have cut around a lamp.