Cap tightness is adjustable also...
Not only are there two O-rings, but the bottom assembly can be rotated to make the overall tightness increase or decrease by the height of one thread for each rotation.
(from experience) When all is well, there should be no water in the tanks, even if you park outside...Condensation is measured in drips, not in cup fulls...
I noticed how serious the leaky collar ring was by observation while flying in the rain. I could see bubbles of air leaking out at the rings. The first hint was cupfuls of water. The second hint bubbles while flying in the rain. Time to get help, water in the fuel is pretty serious.
draining water from the fuel takes 15 minutes - 1/2 hour of drain and replace, slosh the plane, drain and replace, slosh the plane. Sitting on your butt on the wet pavement, pushing on the nearest tire, listen for the slosh. Of course, don't slosh too hard, the water droplets break up and won't find the drain for an even longer time.
An amazing amount of water can be hidden somewhere in the tank. Even after following this procedure, I have still found a few ccs water in the tank after the flight.