Wheww...well, we didn't get your snow, Kristi, but sure the the cold weather over our way.
About freezing weather and figs, some figs will produce on new wood so even if zapped back by cold temp they will produce. Other figs produce on second year wood, those would be the ones that will lose their crop if the tree/bush is frozen/nipped.
As for winter protection, and I confess I've never had to do it in NC, most recommendations I've always read for those in northern climes is a more solid wrap than just putting a tent over the fig. If you drape the plant with plastic (and sheet, as GG mentioned) it will leave air space which will heat up when the sun shines through; this may not allow it to go into full dormancy, which is necessary for good protection so the sap stays below ground level and no bud growth is initiated.
A good system for protection in extreme cold areas would be to make a column of chicken wire around the tree. Within this you stuff it with leaves galore, to the max. On the outside of the chicken wire wrap it with burlap, or plastic for a windbreak and burlap/blanket over the plastic to keep the sun off the plastic. This system has shown excellent results. I'm sure a Google search may bring this up but if not I can find where I read it and scan one of my books that has it mentioned. (It'll take a while cus I seldom read through all those books anymore!)
Shoe (who had fig jam on toast this morning! )
