Are magnets waterproof?

All magnets, whether made of neodymium or ferrite, are susceptible to rust when they come into contact with water without a coating. This can damage the alloy and severely compromise the high-quality appearance of the magnet. For this reason, be sure to ensure that a magnet has a waterproof coating before purchasing, as is the case with ferrite magnets or rubberized neodymium magnets, for example.