Patent ID: 7809591
Filing Date: 2010-10-05
Classification: G06Q

Abstract:
1. A method of protecting a person with a property interest in a piece of real property against a loss of market value of the real property during ownership of the property interest by issuing to the person a real estate market value insurance policy, the method being performed by a hardware computing device including a processor and a communication module and comprising: identifying a number of types of events that may cause a loss in the market value of the property, each of the number of types of events occurring prior to the person selling the property interest; estimating, by the processor, a probability of each type of event occurring during the term of the policy; estimating, by the processor, an impact of each type of event on the market value of the property; determining based on the estimated probability and impact of each type of event whether each type of event is to be covered by the policy; defining in a memory of the computing device a probable loss for each covered type of event; summing, by the processor, the defined probable losses for all of the covered types of events to arrive at an expected cost of claims for the policy; deriving, by the processor, a premium to be paid for the policy based on the expected cost of claims; issuing to the person the real estate market value insurance policy in return for the derived premium, the policy promising to compensate the person for any loss of market value of the real property based on any of the covered types of events, the issued policy not requiring the person to sell the property interest to establish the loss; collecting the derived premium; receiving a notification of an occurrence of a loss event prior to selling the property interest; transmitting information to provide compensation to the person for a value of the loss event; thereafter, receiving, by the communication module, a notification of a sale of the property interest; determining that the property interest has regained at least a portion of the value of the loss event; and collecting an offset payment to offset the compensation to the person after the sale of the property interest.