>>2817034Cloaks were a way to make the most waterproof garment possible out of wool and to wear a lot of extra material as a sleeping bag. In a modern context, it's really just heavy and cumbersome. But hey, you do you.
If you want to wear a cloak all time to larp (and not just, say, a waterproof poncho when it rains) it would best be made of wool. Note that wool blankets are heavy and not very waterproof. Rain protection cloaks were made of thinner material (which also has the advantage of being less heavy, so you're wearing less of that inefficient cloak, but I digress). Seek densely felted fabric of a 300 to 500 g/sqm weight (9-15 oz). If smelling like sheep doesn't bother you, impregnate it with lanolin. Some reenactors claim that such a treated cloak and non-water-susceptible garments underneath are sufficient for rain protection; I personally would always get a truly waterproof garment, but whatever.