Which statement does NOT apply to the Standard Fire Policy?

The statement that does not apply to the Standard Fire Policy is that it automatically covers wind and vandalism. The Standard Fire Policy is primarily designed to cover specific perils explicitly listed within the policy, which typically includes fire, lightning, and related risks. Wind and vandalism are not automatically included and would require separate endorsements or additional coverage to be part of the policy.

The other attributes of the Standard Fire Policy, such as it being the basis for all homeowners policies, illustrate its foundational role in property insurance. Many homeowners policies are built upon the concepts established in the Standard Fire Policy, with additional perils added. Additionally, the policy is known as a named peril policy, which means it only covers damages caused by the perils specifically listed in the contract, rather than covering all risks unless specifically excluded. Finally, the policy pays out the actual cash value of the insured property at the time of loss, accounting for depreciation and ensuring that homeowners receive fair compensation for their losses.