Surge protection

This might sound like a stupid question but here it is. Will a surge protector offer any protection if my outlets aren't grounded? I live in an old apartment in San Francisco and have been told by an electrician that the building isn't grounded. In fact, he said most of the older buildings aren't grounded. Am I wasting my money buying surge protection?
The electrician is right. Over voltages are sent to ground.
Buy something like a Brickwall surge protector that does not divert the surge to the ground. Your apartment is grounded it just does not have the additional safety ground.
I understand the suggestion for the Brickwall but does that mean that a surge protector which uses MOV's will not work for my situation? The reason I ask is because I'm looking at the APC-H15 because it also has voltage regulation and does use MOV for protection.