A new charge-on-spring (COS) model for water is introduced (COS/D). It includes a sublinear dependence of the induced dipole on the electric field for large field strength to include the effect,of hyperpolarizability by damping the polarizability. Only two new parameters were introduced to define the damping of the polarizability. In the parametrization procedure, these two damping parameters, the two Lennard-Jones parameters, the charge on the oxygen, and the distance between the virtual site and the oxygen atom were varied to reproduce the density, the heat of vaporization, the dielectric permittivity, and the position of the first peak in the radial distribution function of liquid water at room temperature and pressure. In this way, a model was obtained that correctly describes a-variety of thermodynamic, dynamic, and dielectric properties of water while still preserving the simplicity of the COS model, which allows a straightforward introduction of explicit polarization into (bio)molecular force fields.