Are you trying to increase buoyancy or flotation? They're completely different things. Buoyancy is a function of
hull shape. A particular shape of
hull will displace a certain amount of
water and nothing can change that. If that displaced
water weighs more that the boat, the boat will float. Decreasing boat weight will cause the boat to float higher, but that's not changing the buoyancy, it's just using less of it to float the boat. If you're looking to increase freeboard, decreasing weight is the only way to do it. Adding foam to a hull increases its weight and actually makes it float lower. The foam only works if the hull is full of water, by decreasing the amount of water the hull can hold, thereby decreasing it's total weight to a point where the hull's buoyancy can support it.
If you're trying to increase flotation to keep the boat from sinking if flooded, then adding closed cell foam will do it.