Your probably correct. I have not heard many stories of people getting soaked in a hammock. Now that I think of it, I cannot recall any.....lol I do feel pretty confident in the new HH rain fly's, which are now 30% larger than they used to be.
So far I have not had any issues in the rain. Take a look at my tarp and see what you think. It has pretty good coverage. Unless the rain is coming from underneath the hammock, I think I am safe.
Your correct in saying site location is a major factor.
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