If so, isn't a risk of fire very real ? I'd rather my appliances go bonk than risking a house fire!
Risk of surges is quite rare. Only hype and advertising claim surges occur daily to protect profit margins. How many dishwashers, clock radios, central air, LED & CFL bulbs, recharging electronics, refrigerators, RCD, microwaves, door bells, dimmer switches, clock radios, and smoke detectors were damaged by a surge today - or in the past ten years? What is protecting them? Invisible protectors?
Surges are rare. Best protection at each appliance is already inside each appliance. Concern is only for that rare surge that will be incoming to everything. Can damage anything. So a Category C (Type 1 or Type 2) protector is connected low impedance (ie less than 3 meters) to single point earth ground. Only then is a surge nowhere inside.
Effective protectors never do protection. Never. Effective protectors are only a connecting device to what does best protection. Earth ground. As Ben Franklin demonstrated over 250 years ago. As has been standard in all facilities that cannot have damage - over 100 years ago.
No plug-in protector (or UPS) can do that. None. Worse, that profit center Type 3 (Category A or B) protector is so grossly undersized that it must remain either 10 or 20 meters from a power board and earth ground. Otherwise those tiny joule protectors can create fires.
Effective protectors, from other companies known for integrity, come with numbers that define protection. Lightning is typically 20,000 amps. So a minimal 'whole house' protector is 50,000 amps. Effective devices also come with numbers that say how effective.
Plug-in protectors (Category A or B) are recommended subjectively. So that consumers will not learn about the five cent protector parts selling for $25 or $80 in a power strip. And even tinier protection inside a UPS.
What most needs protection by a 'whole house' solution. Least robust appliances in a house (as demonstrated by spec numbers): that plug-in protector and UPS. Best protection costs about $1 per protected appliance. So that protection remains functional even for many decades after many direct lightning strikes.
Protectors never have an indicator that they are about to fail. That is the lie intentionally generated to protect sales. When a protector is grossly undersized, then a typically 1 amp thermal fuse must disconnect only protectors parts. And leave a surge fully connected to an appliance. No problem. A surge too tiny to damage any appliances can also destroy that tiny joule MOV protector part.
A thermal fuse disconnects that MOV to avert a house fire. That tripped fuse is reported by the Protector Good light. That light only says that protector was so grossly undersized that a fuse had to disconnect it. To avert catastrophic failure.
Sometimes that fuse does not trip fast enough. Then this happens:
https://imgur.com/hwCWHMW
MOV manufacturers are quite blunt about this. MOVs must not be so grossly undersized to fail catastrophically. Again, that protector good light can never report an acceptable failure more - degradation. That light only says that protector was so grossly undersized that a fuse had to disconnect it.
Did they forget to mention this in those sales brochures? Along with all those missing specification numbers?
Only Category C (whole house) protectors are sufficiently sized to provide effective protection. And only if connected low impedance (ie less than 3 meters) to the other item that does all protection - earth ground.