The only concern I have with the circuit is if the sensor does fail short circuit, a large current will flow via D2, into the 5V rail. If you're lucky, D2 will simply fail open circuit, but what's more likely to happen is the 5V rail's voltage will increase, destroying the ADC and microcontroller.
Put the protection diodes after R1, which will limit the current into the 5V rail, if anything bad happens, ancrease the value of R1 to something like 100k, in order to restrict the fault current to a sane level and reduce C1 to 100pF, to compensate. Connecting a 5.6V zener across the 5V rail might also be a good idea.