Abstract:
To protect a person with a property interest in real property against a loss of market value thereof, a base market value of the real property is determined at a current time when the property interest in the real property arises or thereafter, and a number of types of events that cause the real property to lose market value as compared with the base market value are defined. A number of the defined types of events are selected, and a real estate market value policy is issued to the person at about the current time. The policy promises to compensate the person for any loss experienced by the person if the real property loses market value as compared with the base market value based on any of the selected types of events.

Description:
CROSS-REFERENCE TO RELATED APPLICATION(S) 
     The present application is filed concurrently with and shares a common title and disclosure with the following applications, each of which is hereby incorporated herein by reference in its entirety:
         U.S. patent application Ser. No. 12/192,424;   U.S. patent application Ser. No. 12/192,441;   U.S. patent application Ser. No. 12/192,460; and   U.S. patent application Ser. No. 12/192,475.       

     FIELD 
     The present disclosure is directed to systems and methods that provided an insurance policy that covers a loss in market value associated with real estate. 
     BACKGROUND 
     An owner of a piece of real property may purchase property owners insurance to protect against losses associated with the real property, such as for example fire damage, wind damage, water damage, and other damage that may be experienced in connection with the property. Accordingly, if for example a tree is blown down and falls into a structure on the real property, such property owners insurance would typically cover the cost to repair the structure. However, and significantly, the property owners insurance likely does not cover the cost to replace the fallen tree with a similar tree, even if the fallen tree represented an amount of value to the real property that has been lost. 
     More generally, property owners insurance typically covers losses to structures on real property and related improvements (i.e., fences, pipes, light posts, patios, walkways, etc.), but does not cover losses to natural features on real property (i.e., trees, rock formations, ponds, shrubs, etc.). Moreover, and importantly, such property owners insurance does not cover losses that are intangible. That is, if a certain piece of real property includes a pleasant view, such as for example a view of a city skyline, a valley, an ocean, a river, a statue, a park, etc., and the pleasant view is lost because another property owner builds a blocking structure on land thereof, the intangible loss of the view associated with a piece of real property is not covered by a corresponding property insurance policy. 
     In a similar manner, a property insurance policy does not typically cover a loss associated with a corresponding piece of real property that arises from an objectionable use of adjacent property, such as for example a neighboring property that is not well-maintained, that emits an objectionable odor, or that is employed for illicit purposes. Moreover, a property insurance policy does not typically cover a loss associated with a corresponding piece of real property that arises from overall market conditions, such as for example an overall drop in real estate value due to market conditions, not to mention a loss that arises from specific factors associated with the real property that are beyond the control of the owner of the real property, such as for example if a toxic chemical is spilled on the property and is not easily remediated. 
     Real property normally increases in value over time due to market conditions based on factors such as a finite amount of land, inflation, and regional real estate development. However, the value of real property can nevertheless decrease due to adverse market conditions as well as losses in connection with the real property that are perceived to be adverse to the overall desirability of the real property. Particularly with regard to adverse market conditions, and as is set forth in U.S. Pat. Pub. No. 2004/0260578, there are a variety of political, social and economic events that can cause fluctuations resulting in suppressed real estate values lasting for varying periods of time. Some fluctuations can be caused by an industry wide recession such as experienced in the oil and gas sectors in the 1980s, or the downturn in certain high technology sectors at the beginning of the twenty-first century. Global economic shifts, such as the increased production of high quality low cost steel in the Pacific Rim can cause economic displacement in regions with economies fueled by steel production. Sometimes, such downturns can be permanent. 
     An owner of real property ought not to be concerned with a loss in the market value of the real property for whatever reason, unless of course such loss impinges financially on the owner, such as for example if the owner wishes to sell the property or pledge the property as collateral, which of course is a rather large exception. Nevertheless, in many cases, if such an owner can wait, the market value lost is regained. Sometimes, however, the loss of market value is permanent, such as for example if not caused by overall market conditions, or the loss of market value does indeed impinge financially on the owner because the owner desires to sell or pledge the real property. In a particularly unwanted scenario, the owner is forced to sell the real property at a loss for whatever reason, and the sale value exceeds debt such as a mortgage that must be repaid at such sale, in which case the owner may be required to contribute additional capital at the sale to repay the debt. 
     Accordingly, a need exists for an insurance policy that covers at least some losses to real estate market value associated with a piece of real property. 
     SUMMARY 
     The aforementioned needs are satisfied at least in part by a method and mechanism that protect 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. A base market value of the real property is determined at a current time when the property interest in the real property arises or thereafter, and a number of types of events that cause the real property to lose market value as compared with the base market value are defined. A number of the defined types of events are selected, and a real estate market value policy is issued to the person at about the current time. The policy promises to compensate the person for any loss experienced by the person if the real property loses market value as compared with the base market value based on any of the selected types of events. 
     To issue the policy, a number of types of events that may cause a loss in the market value of the property are identified, a probability of each type of event occurring during the term of the policy is estimated, and an impact of each type of event on the market value of the property is also estimated. Based on the estimated probability and impact of each type of event, it is determined whether each type of event is to be covered by the policy. Thereafter, a probable loss is defined for each covered type of event, the defined probable losses for all of the covered types of events are summed to arrive at an expected cost of claims for the policy, and a premium to be paid for the policy is derived based on the expected cost of claims. The real estate market value insurance policy is then issued to the person in return for the derived premium. 
     The real estate value insurance policy as issued need not require that a sale of the real property occur in order to calculate a loss. Instead, in at least some instances the loss may be defined prior to such sale. Also, the real estate value insurance policy may allow for remediation of a loss rather than monetary compensation. Additionally, the real estate value insurance policy may exclude losses for which the property owner is responsible, such as for example losses that occur by the owner&#39;s act or lack of action, or losses that the owner should have foreseen, among other things. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       The foregoing summary, as well as the following detailed description of various embodiments of the present innovation, will be better understood when read in conjunction with the appended drawings. For the purpose of illustrating the embodiments, there are shown in the drawings embodiments which are presently envisioned. As should be understood, however, the embodiments of the present innovation are not limited to the precise arrangements and instrumentalities shown. In the drawings: 
         FIG. 1  is a block diagram of an example of a computing environment within which various embodiments of the present innovation may be implemented; 
         FIG. 2  is a block diagram of a system including a real estate value insurance policy to an owner of real property in accordance with various embodiments of the present innovation; and 
         FIG. 3  is a flow diagram showing actions performed in the connection with the policy of  FIG. 2  in accordance with various embodiments of the present innovation; 
         FIG. 4  is a flow diagram showing actions performed in the course of the issuer issuing the policy of  FIG. 2  in accordance with various embodiments of the present innovation; and 
         FIG. 5  is a chart showing a risk matrix as may be constructed by the issuer in the course of issuing the policy of  FIG. 2  in accordance with various embodiments of the present innovation. 
     
    
    
     DETAILED DESCRIPTION 
     Example Computing Environment 
       FIG. 1  is set forth herein as an exemplary computing environment in which various embodiments of the present innovation may be implemented. The computing system environment is only one example of a suitable computing environment and is not intended to suggest any limitation as to the scope of use or functionality. Numerous other general purpose or special purpose computing system environments or configurations may be used. Examples of well-known computing systems, environments, and/or configurations that may be suitable for use include, but are not limited to, personal computers (PCs), server computers, handheld or laptop devices, multi-processor systems, microprocessor-based systems, network PCs, minicomputers, mainframe computers, embedded systems, distributed computing environments that include any of the above systems or devices, and the like. 
     Computer-executable instructions such as program modules executed by a computer may be used. Generally, program modules include routines, programs, objects, components, data structures, etc. that perform particular tasks or implement particular abstract data types. Distributed computing environments may be used where tasks are performed by remote processing devices that are linked through a communications network or other data transmission medium. In a distributed computing environment, program modules and other data may be located in both local and remote computer storage media including memory storage devices. 
     With reference to  FIG. 1 , an exemplary system for implementing aspects described herein includes a computing device, such as computing device  100 . In its most basic configuration, computing device  100  typically includes at least one processing unit  102  and memory  104 . Depending on the exact configuration and type of computing device, memory  104  may be volatile (such as random access memory (RAM)), non-volatile (such as read-only memory (ROM), flash memory, etc.), or some combination of the two. This most basic configuration is illustrated in  FIG. 1  by dashed line  106 . Computing device  100  may have additional features/functionality. For example, computing device  100  may include additional storage (removable and/or non-removable) including, but not limited to, magnetic or optical disks or tape. Such additional storage is illustrated in  FIG. 1  by removable storage  108  and non-removable storage  110 . 
     Computing device  100  typically includes or is provided with a variety of computer-readable media. Computer-readable media can be any available media that can be accessed by computing device  100  and includes both volatile and non-volatile media, removable and non-removable media. By way of example, and not limitation, computer-readable media may comprise computer storage media and communication media. 
     Computer storage media includes volatile and non-volatile, removable and non-removable media implemented in any method or technology for storage of information such as computer-readable instructions, data structures, program modules or other data. Memory  104 , removable storage  108 , and non-removable storage  110  are all examples of computer storage media. Computer storage media includes, but is not limited to, RAM, ROM, electrically erasable programmable read-only memory (EEPROM), flash memory or other memory technology, CD-ROM, digital versatile disks (DVD) or other optical storage, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store the desired information and which can accessed by computing device  100 . Any such computer storage media may be part of computing device  100 . 
     Computing device  100  may also contain communications connection(s)  112  that allow the device to communicate with other devices. Each such communications connection  112  is an example of communication media. Communication media typically embodies computer-readable instructions, data structures, program modules or other data in a modulated data signal such as a carrier wave or other transport mechanism and includes any information delivery media. The term “modulated data signal” means a signal that has one or more of its characteristics set or changed in such a manner as to encode information in the signal. By way of example, and not limitation, communication media includes wired media such as a wired network or direct-wired connection, and wireless media such as acoustic, radio frequency (RF), infrared and other wireless media. The term computer-readable media as used herein includes both storage media and communication media. 
     Computing device  100  may also have input device(s)  114  such as keyboard, mouse, pen, voice input device, touch input device, etc. Output device(s)  116  such as a display, speakers, printer, etc. may also be included. All these devices are generally known to the relevant public and therefore need not be discussed in any detail herein except as provided. 
     Notably, computing device  100  may be one of a plurality of computing devices  100  inter-connected by a network  118 , as is shown in  FIG. 1 . As may be appreciated, the network  118  may be any appropriate network, each computing device  100  may be connected thereto by way of a connection  112  in any appropriate manner, and each computing device  100  may communicate with one or more of the other computing devices  100  in the network  118  in any appropriate manner. For example, the network  118  may be a wired or wireless network within an organization or home or the like, and may include a direct or indirect coupling to an external network such as the Internet or the like. 
     It should be understood that the various techniques described herein may be implemented in connection with hardware or software or, where appropriate, with a combination of both. Thus, the methods and apparatus of the presently disclosed subject matter, or certain aspects or portions thereof, may take the form of program code (i.e., instructions) embodied in tangible media, such as floppy diskettes, CD-ROMs, hard drives, or any other machine-readable storage medium wherein, when the program code is loaded into and executed by a machine, such as a computer, the machine becomes an apparatus for practicing the presently disclosed subject matter. 
     In the case of program code execution on programmable computers, the computing device generally includes a processor, a storage medium readable by the processor (including volatile and non-volatile memory and/or storage elements), at least one input device, and at least one output device. One or more programs may implement or utilize the processes described in connection with the presently disclosed subject matter, e.g., through the use of an application-program interface (API), reusable controls, or the like. Such programs may be implemented in a high-level procedural or object-oriented programming language to communicate with a computer system. However, the program(s) can be implemented in assembly or machine language, if desired. In any case, the language may be a compiled or interpreted language, and combined with hardware implementations. 
     Although exemplary embodiments may refer to utilizing aspects of the presently disclosed subject matter in the context of one or more stand-alone computer systems, the subject matter is not so limited, but rather may be implemented in connection with any computing environment, such as a network  118  or a distributed computing environment. Still further, aspects of the presently disclosed subject matter may be implemented in or across a plurality of processing chips or devices, and storage may similarly be effected across a plurality of devices in a network  118 . Such devices might include personal computers, network servers, and handheld devices, for example. 
     Real Property Market Value Insurance Policy 
     In various embodiments of the present innovation, and turning now to  FIG. 2 , a real property market value insurance policy  10  is provided to cover a loss experienced by an owner  12  of a piece of real property  14  when the real property  14  loses market value, either due to overall market conditions or due to a specific event in connection with the real property  14  and as defined by the policy  10 . The policy  10  may be purchased either when the owner  12  purchases the real property or after such purchase. The policy provides that if the owner experiences a loss in the value of the real property as defined by the policy, the issuer  16  of the policy, which is presumably an insurance company, will pay out an amount as defined by the policy to the owner or an assignee thereof. 
     As should be understood, the real property  14  may be most any real property, including land, land with improvements thereon such as for example a house, improvements without attached land, such as for example a condominium apartment or a co-operative apartment among other things, improvements in non-traditional forms, such as for example time-shared property, and the like. Moreover, the real property  14  may be residential property, commercial property, property held in trust, etc. Note that the owner  12  of the real property  14  insured by the market value insurance policy  10  likely already has a more traditional property insurance policy  18  on the property  14 . Accordingly, it should be understood that the policy  10  of the present innovation is in addition to such more traditional property insurance policy  18  and is intended to cover market value losses that are not already covered by such more traditional property insurance policy  18 . 
     The market value of the real property  14  should be understood to be the value of the property  14  such as may be obtained by the owner  12  if sold to a willing buyer in an arm&#39;s length transaction. Thus, the market value of the property  14  should be valued according to an appraisal of such property  14  as may be performed by the average competent appraiser. Note here that the market value is not necessarily represented by a purchase price paid by the owner  12 , for the reason that the owner  12  may have paid too much or too little, and at any rate the purchase price may have been affected by unusual circumstances particular to the owner  12  and the seller that sold the property  14  to the owner  12 . 
     The market value policy  10  as purchased by the owner  12  as was set forth above intended to cover losses not covered by the traditional policy  18 , although some overlap between the policies  10 ,  18  may nevertheless occur. Accordingly, if as was set forth above a tree is blown down and falls into a structure on the real property  14 , the property insurance policy  18  would typically cover the cost to repair the structure, and the market value policy  10  would cover the cost to replace the fallen tree with a similar tree, especially inasmuch as the fallen tree represents a loss of value to the real property  14 . 
     More generally, the property insurance policy  18  would typically cover losses to structures on real property  14  and related improvements. In contrast, the market value policy  10  would cover at least some losses to natural features on real property  14  such as trees, rock formations, ponds, shrubs, etc., as well as at least some losses that are intangible, such as the loss of a pleasant view, the loss of quiet surroundings, the loss of a pleasant environment without objectionable odors, sounds, sights, activities, etc. Significantly, the market value policy  10  may cover losses to market value from external forces that are both intangible and not arising from adjacent neighbors, including losses of market value from overall market conditions such as a real estate bust, overall financial conditions such as a recession, toxic chemical spills, and the like. 
     The loss of market value covered by the policy  10  may be any appropriate loss of market value. For example, the loss may be defined as a devaluation of the real property  14 , such as may occur during a downturn in real estate values in general or otherwise. Alternately or in addition, the loss may be defined as a devaluation arising from a specific action, such as for example the loss of a view, the commencement of an objectionable activity on adjacent property, the loss of a natural feature on the property such as a tree that was considered to add value to the real property  14 , etc. 
     Notably, the loss may be defined by the policy  10  to arise when the owner  12  suffers the devaluation and before the owner  12  sells the property  14  at a loss, when the owner  12  sells the property  14  at a loss, when the owner appraises the property  14 , perhaps in connection with pledging same as collateral, or when the owner attempts to sell the property  14  and cannot do so for lack of a buyer, among other things. Notably, inasmuch as the property  14  may regain value that would accrue to the owner  12  if the loss is paid before the property  14  is sold, care should be taken not to reward the owner  12  for a temporary loss that could later be followed by a gain. For example, the insurance policy  10  may require that payment on a claim for a loss incurs a lien on the property  14  so as to offset the payment with any future gain when the property  14  is sold. 
     The amount of the loss may be defined by the policy  10  in any appropriate manner. For example, the loss may defined based on the purchase price paid by the owner  12  for the property  14  or an appraisal of the property  14  when the policy  10  is issued, and an appraisal of the property  14  at the time the loss arises. Further, the amount of the loss may be subject to a deductible amount that is either a fixed value or a percentage of the amount of the loss, and may be limited to a minimum and/or maximum value before or after any deductible is applied. Further, the loss may be limited to a particular time frame, such as for example only between five and ten years after the policy  10  is issued, and perhaps only if the policy  10  remains in force when the loss arises. 
     Notably, if the owner  12  of an insured piece of property  14  makes a claim for a loss that arises in connection therewith, the claim once approved can be paid based on a calculated value of the loss of market value and after taking into consideration any deductibles of other loss limitations. Alternately, and if advisable, the issuer  16  may decide to take a remediating action that would restore the market value or a portion thereof so as to mitigate such payment on the claim. For example, if a loss of 40,000 USD is claimed based on the destruction of a tree on the real property  14  but the cost to restore the property  14  by replacing the tree is 20,000 USD, the issuer  16  would likely choose replacing the tree rather than paying out the 40,000 USD claim. 
     Note here that if remediation restores only a portion of market value lost, the remaining portion likely is compensated on a cash basis. Note too that the decision on whether to remediate at least a portion of a loss should take into account not only the current cost to remediate but also possible future costs. For example, replacing the tree may cost the 20,000 USD set forth above, but it may also be likely that the replacement tree could also be destroyed, in which case the cost could be another 20,000 USD or a decision to pay the entire 40,000 USD. Thus, paying 20,000 USD to remediate could save 20,000 USD or could lead to paying a total of 40,000 USD or even 60,000 USD or more. 
     Presumably, the policy  10  as issued includes terms to guard against any fraud that the owner  12  may attempt to perpetrate. For example, to guard against an artificial loss, such as for example may be achieved by selling the property  14  at an artificially low price, the policy  10  may require that each loss be proved by an appraisal of the property  14  at the time the loss arises, and that the issuer  16  can challenge such appraisal as appropriate. More generally, to guard against any fraud, the policy  10  may exclude certain losses, such as for example losses that occur by the unreasonable action or inaction of the owner  12 , losses that the owner  12  could reasonably have prevented, losses due to negligence or incompetence on the part of the owner  12 , and the like. 
     The policy  10  may be established by the owner  12  when the owner  12  either purchases the property  14  or pledges same as collateral, or at any other time. In any case, the property  14  should be appraised to ascertain the value thereof for purposes of defining any future loss. The policy  10  as purchased may specify a one-time paid up premium or recurring premiums, and may specify that the loss must occur while the policy  10  is in force. As was alluded to above, the issuer  16  of the policy  10  is typically an insurance company but can be another type of company or even an individual. 
     Turning now to  FIG. 3 , it is seen that an owner  12  wishes to purchase a real property market value insurance policy  10  from an issuer  16  with regard to a piece of real property  14 . Accordingly, the owner  12  requests such a policy  10  from the issuer  16  ( 301 ). In response, the issuer  16  defines a base market value for the property  14  ( 303 ), either as a purchase price if the owner  12  is purchasing the property  14  or has recently purchased the property  14 , or as an appraised value of the property  14  as provided by an appraiser, defined a premium ( 305 ), and issues the policy  10  to the owner  12  of the property  14  ( 307 ). 
     In one example, the policy  10  is issued for a predetermined period such as a year, during which the terms of the policy  10  including a premium paid and a base market value for the property  14  remain constant. The policy  10  can then be renewed for a like period, although perhaps with a different premium and/or other terms. Notably, the base market value of the property  14  as set forth in connection with the renewed policy  10  may be adjusted or may remain constant. If adjusted, such adjustment may be based on a new appraisal or on a defined mathematical formula. 
     As is usual, the premium established with regard to the policy  10  is based on a calculation of the risk of loss that is incurred in connection with the policy  10 . Thus, the premium is established from a variety of factors, including but not limited to the base market value, market volatility at the time the policy  10  is established, the location of the real property  14 , and particularly compiled statistics regarding types of potential losses that may result in a claim under the policy and average amounts thereof. Such statistics are generally known or should be apparent to the relevant public and therefore need not be set forth herein in any detail other than that which is provided. Notably, such statistics should take the location of the real property  14  into account, especially inasmuch as the market value for any piece of property  14  is often highly dependent on the location thereof. 
     Returning to  FIG. 3 , it is seen that the owner  12  makes a claim on the policy  10  based on having suffered a loss in the market value of the property  14  as a result of some loss event ( 309 ). For example, the loss event may be the sale of the property  14  at a loss, or else a loss as defined by the policy  10  that occurs prior to such a sale. In response, the issuer  16  processes the claim ( 311 ) by determining among other things that the loss is covered by the policy  10 , a market value for the property  14  such as may be obtained from an appraisal, and that the loss is not fraudulent or otherwise the fault of the owner  12 . 
     Presuming that the claim is approved, the amount to be paid is calculated based on the difference between the base market value for the property  14  as set forth in the policy  10  and the market value when the loss arose, and also based on any deductible or other limitations on the loss as set forth in the policy  10  ( 313 ). Thereafter, the amount of the loss as adjusted by any deductibles or limitations is paid to the owner  12  ( 315 ), or else the issuer takes an appropriate remediating action if available, advisable, and capable of remediating the loss as experienced by the owner  12  ( 317 ). 
     Turning now to  FIG. 4 , it is seen that from the point of view of the issuer  16 , providing the policy  10  to the owner  12  with regard to a piece of real property  14  thereof is performed generally in the following manner. Preliminarily, the issuer upon being requested to issue the policy  10  as at  301  performs an assessment regarding the risks incurred by issuing a policy  10  to the owner  12  covering the real property  14 . In such a assessment, and referring also to  FIG. 5 , the issuer  16  identifies a number of likely types of events that may cause a loss in the market value of the property  14  (first column in  FIG. 5 ) ( 401  in  FIG. 4 ), estimates a probability of each type of event occurring during the term of the policy  10  and also the impact of each type of event on the base market value of the property  14  (second and third columns) ( 403 ,  405 ), and based on the estimated probability and impact of each type of event determines whether each type of event is to be covered by the policy  10  (fourth column) ( 407 ). Also, the issuer  16  may in addition to deciding to cover a particular type of risk may decide on appropriate exclusions, pre-existing conditions, and other limitations that are to be included in the policy  10 . 
     Generally, although by no means exclusively, the issuer  16  would not cover a type of event that has too high a probability or that has too high an impact, or any type of event for which the risk is not well-understood for effective pricing. For example, and as shown in  FIG. 5 , the issuer  16  has decided to cover losses due to fire, flood, wind, and land deformation (mudslide, e.g.) damage, each of which has a relatively low probability of occurrence, but has decided to forego covering recession, a local real estate crash, chemical damage, drought, and environmental regulatory changes. With regard to all but chemical damage, and as can be seen, the probability of loss is relatively high, and therefore the risk is to be avoided by the issuer. In contrast, the probability of loss for chemical damage is relatively low but the loss impact is high, and therefore also to be avoided by the issuer  16 . 
     In any event, for each type of event to be covered, the issuer  16  then defines minimum and maximum losses expected from such an event occurring (fifth and sixth columns) ( 409 ), as the base market value for the property  14  defined as at  303  multiplied by a range of the impact of the loss from the third column. Based thereon, the issuer  16  then defines a maximum probable loss for each type of event as the maximum loss expected (sixth column) ( 411 ) multiplied by the probability of the event occurring (second column). The maximum probable losses for all types of events covered are then summed to arrive at an expected cost to the issuer  16  in connection with issuing the policy  10  ( 413 ). 
     Thereafter, the issuer may set the premium for the policy  10  based on the expected cost as well as other factors ( 415 ). Such other factors are generally known or apparent to the relevant public and therefore need not be set forth herein in any detail other than that which is provided. Generally, in addition to the expected cost, the premium is based on an administrative cost to underwrite, quote, fulfill, and otherwise service the policy  10 , a profit margin, and perhaps an adjustment as may be necessary or desirable to be competitive with other issuers  16 . Of course, assuming the policy  10  is acceptable to the owner  12 , the issuer  16  issues the policy  10  thereto in return for payment of the premium set as at  415  ( 417 ). 
     Of course, the issuer must also service the policy  10  by billing for premiums, collecting the billed premiums and investing the proceeds as may be deemed advisable, processing claims, handling renewals, handling appraisals, and other typical insurance functions. Such functions as should be understood are generally known or should be apparent to the relevant public and therefore need not be set forth herein in any detail. Accordingly, such insurance functions may be performed in any appropriate manner without departing from the spirit and scope of the present innovation. 
     CONCLUSION 
     The programming believed necessary to effectuate the processes performed in connection with the various embodiments of the present innovation is relatively straight-forward and should be apparent to the relevant programming public. Accordingly, such programming is not attached hereto. Any particular programming, then, may be employed to effectuate the various embodiments of the present innovation without departing from the spirit and scope thereof. 
     In the present innovation, systems and methods provide a market value insurance policy  10  that covers at least some losses incurred by an owner  12  due to real estate market value associated with a piece of real property  14 . The policy  10  covers at least some losses prior to the owner  12  of the real property  14  selling same. The market value insurance policy  10  is implemented so as to define risks unique to the market value of the real property  14 , and to avoid fraud by the owner  12 . 
     It should be appreciated that changes could be made to the embodiments described above without departing from the innovative concepts thereof. For example, although the present innovation is set forth primarily in terms of real property  14  comprising land, such real property need not necessarily include land. Likewise, although the present innovation is set forth primarily in terms of an owner  12  of the real property  14  purchasing the policy  10 , another entity may also purchase the property if deemed appropriate, such as for example a tenant of the real property  14 , a mortgagee, an agent, etc. It should be understood, therefore, that this innovation is not limited to the particular embodiments disclosed, but it is intended to cover modifications within the spirit and scope of the present innovation as defined by the appended claims.