Ring Water Sensor

I just purchased a Ring Water sensor and I wanted to pair it not only to my Ring Security system but also to my Hubitat hub. If I have it paired to the Hubitat Hub when I go to pair it to my Ring app it tells me it needs a factory reset. If I do that then the Hubitat hub no longer sees it.

Is it possible to pair the Ring Water Sensor to both?

No. You can only pair z-wave or zigbee device to one controller. Also if you have factory reset the device without excluding it from Hubitat you will have left a ghost which will wreak havoc with your mesh. You need to remove that ghost.