After having dealt with a well system for the past thirty years, I'm inclined to agree with FvM, a float switch is certainly, "Simple and Rugged," as I have four large tanks each equipped with a float switch and had only one failure during the thirty year duration.
A simple relatively short metered reel of low current waterproof rated cable with a float switch at the end is probably the most cost effective and reliable technique, by the way, I and many others have designed and constructed similar instruments with either float or electrode contact switch for deep well measurements, in fact the U.S. Geological Survey (USGS) use this technique to routinely measure water well depth across this country. These instruments typically employ a audible (buzzer) and/or visual (LED) indicator once the sensor has contacted the water level, at which point the operator simply reads the depth from the cable meter marks.
Yes, "Simple and Rugged."
BigDog