Definition: Security First Insurance Fund (SFIF) is a commercial property insurance product designed to provide a safety net for homeowners when a covered peril occurs, such as fire or structural damage. SFIF insures against certain types of risks including, but not limited to, mechanical failure and accidental injury. The definition of "security first" in this context implies that the focus should be on maintaining control over property security and ensuring the property is protected from foreseeable threats before they happen. This ensures that if a covered peril occurs, it can be addressed quickly and efficiently by implementing preventive measures to reduce the risk of damage or loss. For example, when a home is damaged due to fire, the insured may have access to additional insurance coverage to cover the costs of repairs, replacement materials, or lost income during the restoration process. This allows the homeowner to recover from their losses while still being able to maintain control over their property and protect it against future risks. Overall, security first insurance is designed to provide peace of mind for homeowners by ensuring that their property remains safe and secure even if unforeseen events occur.

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