Exhibit 99.1

Homeowners Choice Reports Profitable Fourth Quarter and 2009

Clearwater, Fla. (Mar. 9, 2010) – Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners’ insurance, today announced its results of operations for the three months and year ended Dec. 31, 2009.

Fourth Quarter 2009

Net income for the fourth quarter of 2009 was $807,000, or $0.11 per diluted share, compared with net income of $5.1 million, or $0.71 per diluted share, for the fourth quarter of 2008. Book value per share increased from $5.43 at Dec. 31, 2008 to $7.03 at Dec. 31, 2009, an increase of 29.5 percent.

Gross premiums earned for the fourth quarter of 2009 increased to $25.9 million from $24.5 million in the prior year quarter. Net premiums earned for the fourth quarter of 2009 decreased 35 percent to $12.4 million from $19.0 million in the prior year quarter. “Net premiums earned” are gross premiums earned reduced by premiums ceded to reinsurance companies that cover certain risks from hurricanes and other catastrophes. During the fourth quarter of 2009, reinsurance costs were 52 percent of the company’s gross premiums earned compared to only 23 percent in the prior year quarter. Homeowners Choice also reported investment income of $558,000 for the fourth quarter compared with $469,000 in the prior year fourth quarter.

Losses and loss adjustment expenses for the fourth quarter were $6.0 million compared with $10.5 million in the prior year quarter. Policy acquisition and other underwriting expenses for the fourth quarter of 2009 were $3.9 million. This compares to a $1.1 million net cost benefit realized during the fourth quarter of 2008 primarily due to a one-time, retroactive reduction of $3.6 million in the assumed commissions applicable to policies assumed from Citizens during 2008 and 2007. Other operating expenses, which include a variety of general and administrative costs, for the three months ended Dec. 31, 2009 and 2008 were $1.7 million and $1.4 million respectively.

Full Year 2009

For the year ended Dec. 31, 2009, net income was $10.9 million, or $1.52 per diluted share, a decline from net income of $12.7 million, or $2.08 per diluted share, for the year ended Dec. 31, 2008.

Gross premiums earned for the year ended Dec. 31, 2009 increased by approximately 78 percent to $110.0 million from $61.9 million in the prior year. Net premiums earned for 2009 increased 38 percent to $65.3 million from $47.3 million in the prior year. The company’s reinsurance costs increased significantly beginning June 1, 2009. Investment income for the year ended Dec. 31, 2009 was $1.8 million, up over 10percent from the prior year amount of $1.6 million.

Losses and loss adjustment expenses for the year ended Dec. 31, 2009 were $35.2 million compared with $21.5 million in the prior year, which reflects an increase in policies in force. Policy acquisition and other underwriting expenses for 2009 and 2008 were $9.6 million and $3.1 million, respectively. Other operating expenses were $5.8 million for the year ended Dec. 31, 2009 compared with $4.1 million in the prior year.

Stockholders’ equity increased to $45.4 million at Dec. 31, 2009 from $37.4 million at Dec. 31, 2008. The company repurchased a total of 452,000 shares in 2009 in its share buyback program.

“We are pleased to report the 10th consecutive profitable quarter despite what has been a challenging environment because of legislatively mandated wind mitigation credits and rising reinsurance costs,” said Homeowners Choice Chief Executive Officer F.X. McCahill. “In December we assumed approximately 23,000 policies from Citizens, although after opt outs we retained approximately 18,000 policies. We expect to add more policies in 2010. The decision to resume adding policies was made in anticipation that we would receive approval for a rate increase from the Florida Office of Insurance Regulation and in February we received approval for an average rate increase of 14 percent for policies effective April 10, 2010. We believe we are well positioned to continue our profitability.”

Homeowners Choice Executive Chairman Paresh Patel added, “Our focus is on increasing shareholder value while pursuing strategic growth opportunities as they arise. We also continue to buy back shares, having spent $3.1 million on share repurchases in 2009 with a commitment to repurchase up to an additional $2.9 million.”

Conference Call

The Company will host an earnings conference call today, Tuesday, March 9, 2010, at 4:30 p.m. E.S.T. to discuss its fourth quarter and 2009 results. Interested parties are invited to listen to the call live over the Internet at http://www.ir-site.com/hcpci/events.asp. The call is also available by dialing (877) 407-9210 (toll-free). International participants should instead call (201) 689-8049. Participants should dial into the conference call approximately 10 minutes before the scheduled start time. Replays of the webcast will be available until May 9, 2010.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Clearwater. Through its subsidiary corporations, Homeowners Choice provides property and casualty homeowners’ insurance, condominium owners’ insurance and tenants’ insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves approximately 70,000 policyholders throughout Florida representing approximately $132 million in annualized premiums. The company’s common shares trade on the NASDAQ Global Market under the ticker symbol HCII and were recently added to the Russell Microcap Index. Warrants trade on the same market under the ticker symbol HCIIW. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

Forward-Looking Statements

This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. For example there can be no assurance that the company will add additional policies in 2010, that the company will continue to be profitable, that strategic growth opportunities will arise or that the company will pursue them when they do, or that the company will increase shareholder value. Some of these risks and uncertainties are identified in the company’s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company’s business, financial condition, and results of operations. Homeowners Choice, Inc. disclaims all obligations to update any forward-looking statements.

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HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

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HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

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