Patent ID: 8271303

Claim:
A system for processing data relating to insuring a building structure by taking into account technologies that mitigate loss comprising: a storage device storing a database identifying i) a plurality of technologies that reduce risk of loss to an associated building structure and ii) a plurality of building construction material types; and a computer processor, configured to: administer, by an insurance company, an insurance policy covering a building structure that incorporates a sensor technology from the plurality of technologies identified in the database, wherein the incorporated sensor technology is capable of outputting data electronically; obtain, by the insurance company, monitoring data indicating a condition of the building based on data output electronically by the incorporated sensor technology; obtain, by the insurance company, data indicating a type of material used in construction of the insured building structure; input into a multivariate statistical model the condition of the building indicated in the monitoring data and the construction material type of the building; receive an output of the multivariate statistical model, wherein the output is indicative of a risk associated with the condition of the building in relation to the construction material type of the building; determine, based on the output of the multivariate statistical model, an alteration to a premium for the insurance policy, and alter data indicative of the premium of the insurance policy based on the determination.