Yes! coverage provides you benefits for items not protected by your manufacturer's warranty so it is best to purchase it as soon as possible. Surge protection is maybe the most obvious benefit but it's not the only one. Coverage is also provided for expenses that go above and beyond the initial manufacturer's warranty such as if they do not cover parts and labor costs in some instances.
For refrigerators, coverage also includes up to $200 in food replacement if your refrigerator fails and your food and drinks spoil.