There's no "surge suppressor" available to the average Joe that will stop a direct powerline hit from lightning. Surge suppressors are supposed to divert the normal everyday powerline spikes from light switches, oil burners, refrigerators, etc, causing noise on indoor wiring.
The magic part is called a "varistor". When a blast of juice comes down the power line above a certain voltage, the varistor drastically lowers its resistance and shunts the current down the other wire it's connected to. The problem with varistors is that they eventually wear out, and stop working. It's a good idea to replace a surge suppressor after a big hit (believe me, the smoke will tell you), and perhaps yearly just to be safe.
Tom