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Tools Needed: Wrench. Foam insulation sheet. Insulate faucet cover (optional). Rope. Directions: 1  Make sure the outside faucet is turned off before you begin. 2  Remove all water hoses and drain them. 3  Coil hoses and store them in your garage. 4  Shut off the water valve that feeds water to the outside faucets.nsulate faucet cover (optional). Rope. Directions: 1  Make sure the outside faucet is turned off before you begin. 2  Remove all water hoses and drain them. 3  Coil hoses and store them in your garage. 4  Shut off the water valve that feeds water to the outside faucets.
For the sake of comfort, energy efficiency and home value, it's better to insulate basement walls than to insulate the basement ceiling. Rigid foam insulation, installed against basement walls, protects your basement space from outdoor temperatures that are too cold or too hot.or the sake of comfort, energy efficiency and home value, it's better to insulate basement walls than to insulate the basement ceiling. Rigid foam insulation, installed against basement walls, protects your basement space from outdoor temperatures that are too cold or too hot.