Which of the following is a common exclusion in property insurance policies?

Flood damage is often a common exclusion in property insurance policies because standard homeowners insurance typically does not cover flooding. Instead, flood insurance is typically provided through separate policies or the National Flood Insurance Program (NFIP). Property insurance is designed to cover various risks, but certain natural disasters, particularly those involving water damage from flooding, are not included within a standard policy to avoid overwhelming the insurance market with claims associated with such events. This is why homeowners are generally advised to assess their risk based on their geographic location and consider additional coverage if their property is prone to flooding.

In contrast, theft, fire, and vandalism are usually covered under most property insurance policies, as these risks are more common and manageable. Policies are designed to provide protection against loss or damage from these types of incidents, making flood damage a notable exclusion that requires separate consideration.