At first I made this water shader for my own personal use, but then realized that other people might be interested in something like this, so here it is!

Some effects may take longer to render, for example if you are using dispersion and caustics then render times may take longer. There are also some effects that require ample amounts of geometry to work properly.

What you will receive:
Water shader with animated waves, caustics, dispersion, and foam.
Rain effects. This is a nodegroup which outputs a ripple mask. You can use this as a displacement.
Fake flow map effect. This is a flow map effect made by using geometry proximity.
Water level. A quick and dirty way to add a universal sediment layer to your materials that is globally controlled.
Geometry node setup to distribute leaves along the shoreline, rain particles, and bubbles.
What is marked as an asset: The water material, water shader nodegroup, rain ripples nodegroup, flow map node group, water object.

If you use the water object as an asset then it will import everything for the water with the asset.

The water shader:
The caustics:
The caustics are faked using a combination of voronoi textures. The caustics can be animated as well.

Dispersion:

Volumetrics:
To get a realistic water effect it is important to get a nice looking volume. For this reason you can choose two colors that are mixed for the volume, as well as control over the volume density based on the water depth.

Foam:
No water is complete without surface details. For the surface details one of the layers is froth/foam:

This setup uses noise patterns and ambient occlusion. There are two layers to the foam patterns one of them is a general foam on the water surface, and the other one is Ambient occlusin based contact foam that appears near objects that are in contact with the water.

etc

There’s a new update for the Water Shader Addon

1: I added a new caustic texture, since the old one wasn’t working

(This new texture reduces rendering time, since the shader is lighter.)