Absolutely. I have a friend who's house suffered a direct hit by lightning and "fried" two Belkin UPS units and did a small amount of damage to one of the connected computers [It was actually amazing how well the UPS's protected the PC's -- one was completely okay; the 2nd only fried the NIC.]
Belkin replaced both UPS units and paid for a new NIC with no questions asked. They did ask for the "fried" UPS units back to examine them -- but send prepaid boxes for the return shipment ... so the cost to my friend was zero [at least for the UPS/computer gear :-) ].
Not sure what the issue was with the APC unit you referred to; but I'm surprised they wouldn't honor a claim -- they have an excellent reputation.