Whole House Surge Arrester

PS - A number of makers make in panel surge protectors which are, generally, easy to install. They take the space of 2 breakers, but it is recommended that they be installed as close to the power source (usually at the top, but could be the bottom) as possible. You may need to move other breakers out of the way.

One other thing, several regional power providers offer whole house protection as a rental. ~$10 a month or less, and may include cable surge protection as well.  I've seen it called Surge Guard by some power providers.  My own has no such program.

Gentlemen - thanks for your responses.  Although I am not prone to lightning surges where I live, there is a possibility of other types of surges (faults etc). 

Once the warranty expires, the SA will likely still work, but there is no guarantee. To me, that defeats the purpose of getting the SA in the first place. 

@erik_squires - thanks for the info on the Siemens SA's - does look like they have a 10 yr warranty, but I couldn't find info on $ coverages - I will do further research.  I don't think that my electric utility offers surge protection - I'll have to inquire.  

Amortizing the $350-400 cost over 5 years is $6-7 per month, versus the much more sizable investment cost made in one’s system and other electrical apparatus. Was a pretty straightforward cost/risk decision for me making the initial WHSA investment and knowing that there was a chance of having to replicate that lower end cost.

@facten - excellent point. Thanks.

SPD WARRANTY COVERAGE:
During the time period (the “Warranty Term”) stated below and subject to all Conditions and Limitations stated below, Siemens Industry warrants to the original purchaser who purchases a new Siemens Surge Protective Device ( " SPD") directly from Siemens Industry or its authorized distributor that the SPD is free of any significant defect in design, materials and workmanship and further warrants the SPD against damage by an electrical surge as defined by IEEE C62.41 (except and excluding any sustained over-voltage and any direct lightning strike ) . Should the SPD be determined to be defective or damaged by electrical surge during the applicable Warranty Term, Siemens Industry will either repair the SPD or replace it with a product of like kind and quality for the benefit of the original purchaser, at the election of Siemens Industry.

( except and excluding any sustained over-voltage and any direct lightning strike ).

CONNECTED EQUIPMENT COVERAGE:
THE CONNECTED EQUIPMENT COVERAGE UNDER THIS WARRANTY IS SECONDARY TO ANY OTHER APPLICABLE POLICY, INCLUDING BUT NOT LIMITED TO, HOMEOWNERS INSURANCE, MANUFACTURERS WARRANTIES, SERVICE CONTRACTS AND EXTENDED WARRANTY PLANS. COVERAGE SHALL APPLY TO ONLY THAT PORTION OF THE COSTS FOR REPAIR OR REPLACEMENT THAT EXCEEDS THE LIMITS OF COVERAGE UNDER THE ABOVE MENTIONED POLICIES AND DOES NOT COVER DEDUCTIBLES REQUIRED BY OTHER POLICIES.

The warranty language is pretty much the same for all SPDs (Surge Protection Device)s.

What you want to research and read is the customer reviews...

Warranty