once I have peppers that are grown into the largest they are going to be I will not water for 2 weeks before I harvest them and they are smoking hot!!
the more water you put up to a certain amount makes the pepper grow ,when you stop watering it makes the pepper hot!!

Peppers do not like wet feet. Overwatering kills the roots. I let my pots dry out between waterings.

So i have a couple plants in 2 gallon buckets and i have drain holes in them. when i got home it was pouring. Do i need to worry or will all be well?

when I had my plant in the bucket I put some rocks in the bottom so the drain holes would stay open then I put a layer of moister control dirt by miracle grow then used pure compost all around and on top of the root ball!
as long as you have drainage you can get away with a little too much water.

Well I have also heard that you can let the pepper plants get dry between watering as they are opposite of the tomato that loves water and it will make them hotter. I have been known to move mine if we get a few heavy days of rain. 2 gallon buckets should be fine jdough as long as you have good drainage and you stated you did, just don't let them sit in water.