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A surge suppressor, also known as a surge protector, is a device designed to block power surges from getting to your equipment. They come in many shapes and sizes and are often classified by how many joules they can withstand. You want to buy one that can take a 1,000 or more joules, otherwise it may prove ineffective.
Be careful to make sure that you are buying an actual surge suppressor and not just a power strip. A surge suppressor will be labeled as such, and should include some kind of indication of the power it can withstand. A power strip is nothing more than an expansion of your wall outlet, and doesn’t offer any protection. As a general rule, if it costs less than $10, then it is probably just a basic power strip. The two often look exactly the same, so make sure before you buy.
You can also use a surge suppressor to protect phone lines, as some have a jack to run the phone line through the suppressor. I’ve seen plenty of computers blown up via the phone line plugged directly into the modem, even though the PC itself was on a surge suppressor. Although people nowadays aren’t using modems as much as before, the same in-line phone protection could be used for a fax machine, if necessary.