Combine the water and broth in a medium saucepan bringing to a simmer (not full boil). Keep warm over low heat.
Heat oil in a large saucepan over medium high heat. Add rice, cumin and coriander and garlic, sauté one minute. Stri in 1/2 cup broth and cook until liquid is nearly absorbed, stirring constantly. Do this until done (about 20 minutes). Stir in onions, cheese, hot sauce, corn, and bell peppers; cook 3 minutes until thoroughly heated.