I have rigged warning devices for sewage holding tanks.
I use the float type switch that switches on when level gets to the preset height usually lighting a warning bulb. The float switch is used on sump pumps and fairly reasonable.
Now for the low level warning;
When floating the switch will be closed circuit and you want a warning to sound (or light up) when the level is at your desired low setting.
You would use a relay, normally closed type, that is held open when the float is floating.
The floating float will keep power on the relay keeping the warning light off and when it flops over the circuit will open and the relay will light up your warning bulb (or buzzer, horn) or both horn and light.
Those float switches are made for 110AC and all plastic construction.
Total cost; one relay, one switch socket bulb etc. under $50. all told.
Another method could be a micro switch as used in pedastal type sump pumps whereby when the circuit closes due to the float no longer floating, the weight closes the microswitch causing the circuit to be completed and powering the buzzer or light.
Those micto switches are all N/C as well as N/O.
You would wire onto the N/O so that the float would become a weight and close the circuit when the level gets down to the desired 'refill' level.
The float/weight could be a simple chunk of styrofoam (sealed so as to not get waterlogged) or for that matter a small plastic bottle weighted 'just enough' to activate the microswitch.
To adjust, simly lengthen or shorten the float line!
PS: Use nylon fish line and not cotton twine.
For a 'FULL' indicator, same float arrangement but short line but wire onto N/C pins!
Good luck and have fun!