New home power protection?

 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

talk to the electrician and ask him/her how often you should check that panel surge suppressor to make sure it's still good - mine has a green light that is lit if it is - telling you this because if you get a significant lightning strike that makes its way to you it can end the life of the suppressor and need to be replaced. I had to do this once, but the suppressor did its job and took the impact 

@bondmanp

To be honest the electrician did not indicate that I should be concerned with replacement other than if the green light was out. That said its probably best that we both check back as your point is correct that the MOV can wear down