I should have been more specific re: surge protectors. I am talking about the products that serve as intermediaries between the wall receptacle and the equipments’ power cords that claim to provide surge protection via sacrificial MOVs (90%+ of them I estimate).
Never had a surge via the electrical line damage equipment in my 45 years in audio, twelve of these in "storm-from-hell"/hurricane prone southeast Texas. Not to say extensive/expensive protection at the meter/breaker box is not a good idea. To the contrary, I think investing in power upgrades as early as possible in the AC chain probably results in a lot of sonic and power benefits to the whole house.
The most likely current surge damage occurs via TV cable IME. Happened to me when I first moved to Texas years ago while living in an apartment, taking out a brand new CRT TV. If a system contains a TV cable input (HT) like mine does, surge damage to all connected components is possible.
Best to you cleeds,
Dave