Does homeowner insurance cover loss from electrical surge?

It will if you can find some damage to what ever it is that no longer works. If you can show the adjuster any fried wiring (even if your not sure and it might look singed) let them make that decision. Technically, fried wiring is fire and is a covered peril in all policies. Some companies like Universal Insurance will look for ways to get out from these types of claims, so whatch out and read the policy carefully. They may use excuses like, "the surge most originate within the home" or other fine print to suggest that the coverage is provided but have enought to deny a claim when it does arrive.