Insulation, Radiant and Vapor Barriers - Insulating a converted Garage space

I'm converting part of my garage to a utility room. The floor is level with the rest of the house and is about a foot above the garage floor. I have plumbing running through the 2x8 floor joists. What is the proper way to insulate the floor and the water lines? Do I just get kraft faced insulation and lay it between the joists with the kraft face facing up like I would a wall? Do I need insulation hangers to keep the insulation from sinking? Anything special for the water lines running through the joists or will the floor insulation be good enough?

Install foam pipe insulation before installing the any type of insulation, especially on the cold water pipes.