New home power protection?

Let me add one more thing...in the event that you do decide to go with lightning rods in addition to whole house surge protection...this is the advice offered in the community I live in...

"The Design and Installation of a Lightning Protection System is a "Specialized Trade". These complex systems should only be installed by Qualified Installers. Roofers, general contractors, electrical contractors are not Qualified Installers of Lightning Protection Systems. Do not accept a Lightning Protection system from anyone other than a U.L. Listed, N.F.P.A. Member and L.P.I. Certified, Lightning Protection Contractor ".

 I have an electrican installed whole house surge protector at the panel and it does exactly what other responders have stated. Also, the comments given about the lightning rod and also still having protection at the equipment and house appliances are also correct , I discussed these with my electrician, it is pretty straightforward.
To the ops question about a generator I have one so I can answer this , if you have one that it tied into the gas meter/line of the house , versus a portable gasoline powered one,  it will kick in automatically 10 seconds or so after the power goes out regardless of the power company cause, and shuts itself off about 2 mins after the power comes back on , the shutoff timing delay is the generator making sure that the direct power hasn't dropped back off. The size of the generator varies based upon how much of the "house" you want back on e.g. just lights and key appliances; those plus say central air and furnaces ; etc. I have everything covered by mine but the clothes dryer, oven and dishwasher which I can live without in a pinch. Best money I've spent given the number of times and length power goes out in my area

1.  Is whole house surge protection at the panel effective and worthwhile?

Yes. Some of it can be very cheap. Panel makers have a variety of units that fit in like breakers. Utility companies also offer protection at the meter. They usually recommend an additional surge protector near anything sensitive though, as the EM pulse from lightning may induce a surge directly into house wiring.

2.  Apparently cable and phone line protection is separate and must be added to the panel protection.  I assume this is appropriate to add if going for whole house protection?

Yep, but it depends on whether you can afford this. Having a surge protector bonded to ground at the service panel is the best way to go for any outside copper, including roof mounted antennas (TV, Satellite), etc. It is the gold standard. However, there are also great units from Furman which include all of this in one.

So my usual advice is, get protection at the service entrance, and a Furman at your sensitive electronic devices.


3.  The realtor ask about adding a generator.  I assume that is a separate issue to provide temporary power during an outage but does not offer line surge protection, correct? 

Right, it won't protect you from a surge, but it will keep your refrigerator working. :)

To clarify, running all the outside wiring (TV, cable, satellite, etc) to the same panel for a bulkhead-like grounding and surge protection solution is what gets expensive, and inconvenient, but if you are building new, in a lightning prone area you should. :)

very good advice from all. a direct hit on your house cannot be protected by anything other than lightning rods IMO. I have a breaker box mounted surge protector and where I live the utilities are underground. We have spectacular lightning storms here in Northern Arizona and I've seen bolts hit the ground and hold for over 1 second, just incredible.