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They generally should be protected from cold and damp conditions in winter, and can be lifted, dried and stored, or allowed to continue growing in a greenhouse etc. Whilst they may be able to take below freezing temperatures, and they're reported as a USDA zone 8A and above plant, this is the minimum that it should ever face, based on average conditions over many years. Prolonged cold and damp can cause plants to rot, even though this Colocasia likes to grow in very wet conditions. I've lost a few Colocasias at the end of winters, even though they've survived cold, due to prolonged wet and cool weather.

You've got total control with pot grown plants, but they need tons of water to grow well, which can often be easier to provide when grown in the ground. Sometimes it's easier to dry and store these over-winter, so that the plants don't need tons of care trying to keep them growing and looking well.

Hope this helps. Good luck! Rob