Protecting outside water hose bibs from freezing is not one of my favorite tasks. Since this is a second home, I was interested in a way to avoid wrapping pipes or dripping water, especially since a cold snap can occur unexpectedly in the Winter.
We found these frost free hose bibs, which are more commonly used up north. The key is the actual water cut-off valve is located at the end of a six inch shaft. When mounted, the cut off is located inside the insulated wall, rather than exposed to the cold weather.
So, when cut off, the water is not exposed to the cold, and any remaining water in the faucet shaft just drains out. A great solution to freeze problems.