Winterizing a water heater is usually part of the preparation for leaving a building unoccupied for the winter. Perhaps you have a summer home or cabin that you need to prepare for a cold winter. In that case you will need to drain your water heater to avoid damage by freezing. Anywhere you live, you may want to protect your water heater from heat loss, just to increase efficiency. Both types of preparation save you money in the long run.
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You can buy a water heater blanket at your local home improvement store. They come in sizes to fit the usual home water heaters and are easy to install following the simple directions included with the blanket. You can also make one yourself from a sheet of insulation. Measure your water heater for diameter and height. Cut a piece of insulation a bit longer than the heater is around. A relaxed fit provides better insulation than a tight squeeze. You can cut a circular cap for the top as well. Cut some holes for pipes and connections, then use duct tape to seal the seams. If your water heater is gas, you want to be sure you allow some space for air flow to the burner.
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If you are not certain what winterizing plan you need, feel free to consult your local plumbing
and heating professional. They will be happy to advise you, and can also take care of any repairs or replacements needed to keep you supplied with hot water during the cold months.