Which of the following is considered a peril in property insurance?

The correct answer is theft, as it is classified as a peril in property insurance. A peril is defined as a specific risk or cause of loss that can result in damage to property. In the context of property insurance, perils are the events that are covered under an insurance policy, such as fire, theft, vandalism, and natural disasters. Theft directly leads to the loss of property and is, therefore, a fundamental peril that property insurance policies aim to protect against.

Depreciation, on the other hand, refers to the decrease in value of an asset over time due to wear and tear or market conditions, but it is not a peril itself. Liability indicates the potential legal responsibility one might have for causing harm or damage to another party, which falls under liability insurance rather than property insurance. A hazard refers to a condition that increases the chance of a peril occurring, but it is not a peril itself; rather, it influences the likelihood or severity of a loss caused by a peril.