What does SFP stand for in property insurance?

In property insurance, SFP stands for Standard Fire Policy. This term refers to a specific type of insurance policy that provides coverage primarily for fire damage to property. The Standard Fire Policy is a foundational document in insurance, outlining the basic coverage and terms under which property is insured against fire-related losses. It serves as a benchmark for many other property insurance policies and is often supplemented with additional endorsements or coverages to address other risks beyond fire, such as theft or natural disasters.

Understanding that the Standard Fire Policy is focused on fire damage gives insight into its importance in the property insurance landscape. It represents the minimum coverage standards and can be expanded with various riders to tailor the policy to the needs of the insured. Other options listed may pertain to different kinds of insurance or financial plans but do not specifically relate to a widely recognized policy format in property insurance.