Surge protection can be installed at a whole house level. There are several companies that sell these and you need to understand how much protection you need/want in order to select one. Most homes have 100 Amp service or lower so the uninstalled cost for a decent unit should be below $300. Professional installation is usually required since this installs between your meter and your fuse/breaker panel. Most surge protectors also offer telephone and cable TV line protection along with some form of status indication.

The electrical grid we draw power from is not a static system, it is dynamically regulated and adjusted to maintain the voltage levels we expect. During very rapid changes in demand (power failures / restoration efforts) or lightning strikes (which can also sneak in through the phone or cable lines) it is possible for your appliances etc. to be exposed to out of tolerance (i.e. high or low) voltage levels. These are surges and they can destroy any appliance or device if the current/voltage levels are driven outside the design tolerance levels.

A whole home surge protector is a good idea these days and I would still use a portable / powerstrip protector for any really sensitive electronics, like computers and flat screen TVS.

- Eric