Originally posted by blackcloudbrew Read somewhere a ways back that Pentax considers the hot shoe cover (on their DSLRs) an important part of their weather resistant sealing. I also vaguely recall that somebody here was rejected a warranty repair due to water damage - they said - was caused by the lack of a covered hot shoe. So...before that and since then, I have always made sure to 1) keep my hot shoes covered, and 2) buy them in bulk keeping a extra one around. Furthermore, also having lost my fair share of them, I get quite insane about where I put them when I take them off.
Looking at the K-7 parts list and service manual it can be seen that there is weather sealing around the hot shoe as well as the screws and electrical connections going into the hot shoe. There are no gaskets, grommets or o-rings externally that would seal the cover.
Put the notion that the cover plays a part in weather sealing as misinformation or false assumptions.
In the parts diagram below for the K-7 SX-W in indicates where the sealing is applied: