We've had a pool whilst the kids have been growing up and there are a lot of benefits but it is a serious matter and as a parent actually takes a lot of the pleasure away.
Home insurance is good but it is of very little significance as you do not want any child to drown or be badly injured.
The most important responsibility is to keep a constant watch on the children and I mean constant, don't even think of taking a telephone call even if you are near the pool. It is amazing how easily distracted you can become. We had a horrible scare early on but it did teach us how important it was to always keep your eye on the kids. When children are in trouble they may not make any noise at all.
It is a very bad idea to have a bunch of children in the pool at the one time. At the most we found three little ones in the pool at the one time was easier to cope with. They love to play and do silly things. I used to hate it when one would go underwater and stay still to see how long they would last, I would be thinking 'how long have they been under now?'. Oh the joys, it brings back memories.
Another big responsibility is to ensure that the water is clean and you need to constantly test it and add chemicals as required. Children are much moer susceptible to the waterborne germs and can become much sicker than adults.
We found the kids loved to be constantly in and out of the water and we found it very disrupting to our day at times but this becomes manageable over time when you set rules.
In our state we are required by law to have the pool fully fences and with a lockable gate. This is a safety measure and absolutely essential when there are little ones around.
You don't need a big house or a pool to invite school kids over. Your children don't need more than one friend at a time either. Actually, I personally think that it is much better to have only one friend over at a time, two at the most. It allows the kids to forge serious friendships. You are only making more work for yourself to have a group of kids over with no long lasting benefit for your children. Birthday parties are a different matter. In that instance we would give our children the choice of having two or three friends over for a sleepover or a two/three hour party with up to 10 children.
Once the kids know that they are welcome to invite their friends over the matter will then be in their hands to deal with as they feel comfortable. We actually found that the kids were happy to make friends from the local neighbourhood when they were little.