Sharp looking hat, have received several compliments on it.
If I had to pick a hat to wear out into the rain I doubt my first choice would be something made out of "wool felt", that just sounds like a sponge waiting to happen.  However this hat is treated with Teflon and repels water quite readily.  My frying pan is also coated with Teflon, so logic suggest this hat will resist fried eggs and pancakes as well, but I'm not going to put it to the test.