What I've done is place a thin wicking material around the faucet then wrap the whole thing in a thicker layer then cover it with a faucet cover I bought a lowes. The three layers really insulate it well and prevent freezing and expensive damage due to pipes freezing and bursting (I've heard it can cost thousands of $$$). I do this on any night it its forecast to get below 40 degrees, just to be sure. 3 years and our pipes are just fine!
Oh, wait, actually I've done absolutely nothing for these 3 years and our pipes are just fine. No covers, no running water all night, no nothing. I think I'm gonna stick with what works...and its easy.
Joe
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