When it comes to chafe protection, heat not abrasion is the enemy. When under stress, as in a storm, heat builds up from the internal friction in the rope. Heat weakens the fibers and can begin to melt them. This is not usually visible from the outside. The inner fibers weaken and begin to break reducing the strength of the line.
Some traditional chafe protection has good abrasion resistance, but they allow excessive amounts of heat to build up. Garden hose, vinyl tubing, and fire hose allow this. Chafe protection made of fabric allows for better heat dispersion and allows water reach the rope and cool it.
I've used Dacron chafe protection with good results. However, now I am of the mind that chafe protection is not necessary and may be a liability because of heat retention, provide a nice clean run from cleat to cleat can be made without sharp bends, or contact with dock edges and other sharp corners.