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

Wear and tear of property is a common exclusion in property insurance policies because these policies are designed to cover sudden and accidental losses rather than losses that occur over time due to normal use and aging. Insurance is intended to protect against risks that are unpredictable and beyond the policyholder's control, whereas wear and tear is a predictable and expected consequence of using property. As such, insurers exclude this type of damage from coverage to avoid covering costs that should be the responsibility of the property owner, such as regular maintenance and upkeep.

On the other hand, damage caused by natural disasters can often be included in policies, though specific types may require additional coverage or riders. Theft of personal property is typically covered unless specified circumstances apply. Fire damage to structures is usually a common covered peril in most property insurance policies, demonstrating the types of incidents that are intended to be addressed by these insurance contracts.