On January 10, 2013, the Company entered into an Underwriting Agreement (the "Underwriting Agreement") with Sterne, Agee & Leach, Inc., as representative of the underwriters (the "Underwriters"), pursuant to which the Company agreed to sell $35 million aggregate principal amount of its 8.00% Senior Notes due 2020 ("Senior Notes"), for $25 per Senior Note, less a 3.00% underwriting discount. Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option to purchase up to an additional $5.25 million aggregate principal amount of Senior Notes at the public offering price, less a 3.00% underwriting discount, within 30 days from the date of the Prospectus Supplement to cover over-allotments, if any. The offering is being made pursuant to the Company's effective registration statement on Form S-3, as amended (Registration No. 333-185228), the Preliminary Prospectus Supplement dated January 9, 2013, and the Prospectus Supplement dated January 10, 2013. The foregoing is a summary of the Underwriting Agreement and is qualified by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 hereto.

The Company expects the closing of the sale of the Senior Notes to occur on January 17, 2013.

(d) Exhibits.

Exhibit
Number                                    Description

1.1          Underwriting Agreement, dated January 10, 2013, by and between
             Homeowners Choice, Inc. and Sterne, Agee & Leach, Inc., as
             representative of the several Underwriters identified in Schedule 1
             thereto.