Help Me!

Great, I have a new ironing board cover but now I HAVE to do something about my iron. My lovely, powerful Rowenta steam generator iron has problems. Just look at the cord covering. The insulated covering has been shrinking up for  a long time. I have nursed it along but ENOUGH is ENOUGH.

The uncovered cord/tubes are hotter than heck!

I cannot find a local repair place, it would cost a fortune to send it off. 

Send some advise my way...please!