Have a Honda Question? Ask a Honda Repair Expert.
Bear with me on this, I may have to ask a few questions and get answers back from you. If you have questions, please respond back. Don't rate my answer until we are done and you are satisfied.
When you hear this sound, which you describe as a "squeak", are you doing anything in particular, ie are you braking, turning, going over a speed bump with only one wheel, etc? You said it happened in the rain, does it happen when it is not wet outside? If the vehicle is not moving, is there still a noise? If so, pop the hood and see if the noise is in the engine bay (could be water on the serpentine belt)
As for the airbag (?) light, if the light is on not only does it set a fault, but your airbag system will not be operational while the light is on as a safety precaution (wouldn't want the airbags to all blow off because of a short to power) Do you have any record of the fault that they cleared out of the system (and when you went in the second time, did you let them know they had looked at it previously for the same issue?)
is it constant with the engine running? Or constant when driving?
There are no alarms like this, just the seatbelt chime when driving without it connected
I don't think this is anything that is going to keep you from driving the vehicle, I am more inclined to believe it is due the water
Is it constant when you are driving- like once every time the wheel goes around, or similar?
Since I can't be there to look over your car, I'm going to have to rely on you to do some observation, and try to note when and how often the noise happens.
If it is constant while driving, see if it changes speed when you accelerate, or if you can shift into neutral and it will slow down, etc. (checking to see if it is engine speed or vehicle speed that regulates the noise)