Insulating Water Meters

I am installing individual water meters in my park in Colorado this week. This is an older park and the water pipes come out from the ground below each trailer right into the unit. We are going to put the meters between the ground and the home. I am concerned about protecting the meters during the winter months. Each home is required to have heat tape on their own water pipes and it has been suggested that we put some insulating material over each meter and just leave the heat tape cover the pipes themselves. Any thoughts or advice out there?