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Why Use a Surge Protector?
Surge protectors prevent electronic equipment from damage due to common electrical spikes and surges by regulating voltage passing through it to the equipment. High-quality surge protectors can also prevent damage from lightning strikes in some cases.
PS3 Warranty Concerns
Despite rumors to the contrary on some PS3 gaming forums, Sony has publicly stated it will not void your warranty to use a surge protector with your Playstation 3.
Quality of Surge Protector
Due to issues with power fluctuations potentially causing damage to the Playstation 3 console, it is vital to purchase a high quality surge protector. Also, purchase a surge protector with an indicator light that will tell you if it is functioning properly.
Transient Voltage Protection
A true surge protector should feature a sticker or label on the product with an Underwriters Laboratories (UL) rating. The label should say "transient voltage surge suppressor" and list the product's input voltage and maximum voltage load. If the product does not have this, it is an extension cord, not a surge protector.
Replacement Guarantee
The surge protector you choose should have at least enough guaranteed insurance coverage for your electronics to cover the cost of replacing them should they be damaged while plugged into it.
Overloading
In order to protect your PS3, do not overload the surge protector with too many high voltage electronics plugged into it at the same time.