Water hammer is usually cauased by high water pressure and loose pipework, it can be a problem on something like a dishwasher/washing machine because they use a solonoid valve to turn the water on and off. Because it does this quickly, the velocity of the water literally hammers into the closed valve. An isolation valve partially closed could help but would make the appliance slow to fill, a better option would be a pressure reducing valve, which will reduce the pressure without affecting the flow.
Should be available from any plumbers merchant, and very straight forward to fit..
Hope that helps...
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