Which of the following is a peril that would be considered a standard exclusion in dwelling property forms?

Flood is considered a standard exclusion in dwelling property forms because it is typically not covered under standard homeowners insurance policies. This exclusion is based on the recognition that flooding, particularly from natural disasters like hurricanes or heavy rains, can lead to significant and widespread damage that insurance companies may find difficult to underwrite at reasonable rates. To address this risk, separate flood insurance policies are often available through the National Flood Insurance Program (NFIP) or private insurers, allowing property owners to specifically insure against flood-related damage.

In contrast, perils like fire, vandalism, and lightning are generally covered in standard dwelling property forms, as these events are more common and manageable by insurance providers. Fire and lightning are classic perils included in many standard policies due to their frequency and the established underwriting practices dealing with them. Vandalism is also typically covered unless specifically excluded in the policy terms.