Surplus ammo is sealed, usually with laquer, and will survive being submerged for years. There are stories around about guys keeping milsurp ammo in a bag on a rope in their well for decades and it all still going off. Just a year or two ago there was a guy here on CGN who had a flood and all his reloads wouldn't fire anymore but the surplus was fine. They were submerged for a week or two though. The friction fit of bullet to case isn't totally waterproof if left submerged for long enough (days? weeks?); that's why military ammo is sealed.
If ammo is being stored in an area that could potentially flood, use military ammo cans. They can still fail but it's far less likely.
I'm not sure how moisture could increase pressure; I'd say it is very unlikely if not impossible. Hang fires, sure, but not increased pressure. Worst case scenario, pull the bullets, dump the powder in the garden or dry it out to use on Canada Day (in case getting wet changed it's burning characteristics), dry out and reuse the primers for plinking or install new primers for hunting/bear defense, and reuse the cases and bullets.