I have surge protection on my computer system but not for other equipment, now I know why I bought an extra surge protector... the one I gave to my daughter!
A few years ago I had a fried modem, then I bought a surge protector and fried that in the next storm, the modem was fine. My insurance company paid for the new modem, less £25 excess, the surge protector was little more than the excess so I didn't claim - so it was cheaper for me to have the modem fry. I have replaced the surge protector, more for the convenience factor than protection against damage to my system.
Many a child has been spoiled because you can't spank a Grandma!