James_L
Surge protectors generally do not protect from power outages at all. Essentially they are designed to protect from surges of electricity only, not to keep the system going in case of sudden power outage. As was stated by Grey_Beard, I would suggest getting a UPS with line conditioning and surge protection. Especially if you have an over abundance of storms coming through. The only thing a surge protector will do is prevent line surges from damaging components. That being stated, if you were to have a power outage while the system is running, potentially there could be data loss from improper shutdown and restarts. Surge protectors will help mitigate the sudden increase or decrease in electrical flow but beyond that it won't protect you fully if you have a vastly over abundance of electricity flowing through your outlet in an instant. There have been cases I know about where 240v worth of electricity suddenly went through your 110v outlet. Usually this is when power lines are having issues or the like where your home electrical system has a sudden issue. In this particular case the surge protector won't mitigate the damage. A UPS should protect you from that damage with the conditioning and would most likely take the brunt of it, damaging the UPS rather than the system being protected by it. I had that happen recently and the only things needing to be replaced was the UPS, the electrical circuit breaker (which was also damaged) and the outlet for the room it was hooked up to. The system being connected to the UPS survived without any damage at all.

Grey_Beard
I would suggest a UPS (Uninterrupted Power Supply). This basically a surge protector, power conditioner and battery rolled into one. I would never build a system without one. Computer equipment works better when the voltage does not go up or down. Regardless of new or old wiring, the power company can often have slight spikes or drops which can really impact the fragile equipment in our rigs. This device can stop that. It is also better at lightning strikes and power surges than just a surge protector. The cost depends on the total wattage of your rig. I have every rig on one, even my laptops. If there is a brown out while you are doing something, you can continue to work on whatever you have been, as the battery will kick in if the power stops for any reason. The rule of thumb I use is that you match the wattage of the UPS to the wattage of your PSU or if you know the exact wattage your rig is pulling plus about 15%. These items can range from a hundred dollars to almost a thousand, but will cost less than replacing your rig. In addition, your rig will run better as the voltage coming in is much more stable. Consider it. I am not very adquainted with surge protectors since I use UPSs with my rigs. Hope this helps. Let me know if you have any questions.