The Qolsys IQ Flood Sensor can be learned into the IQ Panel 2/2+ under Group 25, local safety sensor, which will not trigger an alarm or send signal to central station. You could then set up Sensor Activity for the sensor and could be notified when the probes detect water.
If I do upgrade to a z-wave plan, could the flood sensor be used to trigger events ?
Correct, you would need the Surety Home or Complete plan in order to use the RF Sensor to trigger a Z-Wave device.
An example of this would Sump Pump monitoring through Alarm.com
You can make changes to your Surety service plan through the System Manager section of your Surety account dashboard.