Most fabrics used for boat covers and other marine uses are water repellent.
Our fabrics, while not guaranteed 100% waterproof, usually perform well
in repelling or beading of moisture. There are not any true 100% waterproof
covers. This is because when the cover is sewn, the machine needle will
cause a small hole in the fabric while depositing the thread. Thus, any
sewn fabric would not be 100% waterproof.
Pro Tip: The key to keeping water out is to properly support the cover.
See example here.