The stock concentric coils are waterproof. The 10.5 inch coils are waterproof. The elliptical coils are NOT waterproof. Something many people don't think of is the amount of water that may accumulate on the cable and in the rod while hunting with the coil submerged. If you remove the coil from the water and happen to tip the coil up so it is higher than the housing, water may run "down" the rod or down the coil connector. Water is not as likely to run into the housing as on many other makes and models, due to the housing being mounted on the grip instead of the rod going into the housing. But, it could run down the cable. I wouldn't take any risks. Keep the coil lower than the housing at all times. It may also be a good idea to secure a tight plastic bag around the housing, in case of splatters. Something like a zip lock bag might do the trick. Maybe even a little electrical tape to seal the opening and make it tight around the cable connection.
Minelab and other companies make detectors specifically for water hunting. The Excalibur is basically a Sovereign in a waterproof box. But if you are not going to do most of your hunting in water or wet conditions, depending on your budget, it may not be worth the additional investment. Of course you can never have too many detectors! JMHO HH Randy