Patent ID: 7941330

Claim:
A home inventory insurance system, comprising: a network connection; a memory; and a processor programmed to execute a plurality of instructions, the instructions, when executed, cause the processor to perform the following method steps: receiving via the network connection, at an institution system, from a financial institution, data pertaining to an item of a user for use by an insurance engine and an inventory engine of the institution system, the institution system maintaining a home inventory for the user and issuing an insurance policy for items in the home inventory for the user, wherein the data comprises transaction data associated with a purchase of the item made by the user using a financial card issued by the financial institution; analyzing the transaction data with respect to at least one predetermined criterion using a computing device of the institution system; determining, after the purchase of the item by the user, using the computing device of the institution system that the at least one predetermined criterion is met; notifying the institution system to ask, based on the at least one predetermined criterion being met, the user whether the user would like to add the item to the home inventory; receiving the user's acceptance in relation to adding the item to the home inventory; adding the item to the home inventory using the data and the inventory engine; notifying the institution system to ask, based on the at least one predetermined criterion being met, the user whether the user would like to add the item to the insurance policy; receiving the user's acceptance in relation to adding the item to the insurance policy; and insuring the item with the insurance policy using the data and the insurance engine.