Exhibit 99.1

FOR IMMEDIATE RELEASE

Homeowners Choice Reports Solid Results for 2011 Fourth Quarter and Full Year

TAMPA, Fla. – (March 8, 2012) – 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, 2011.

“We experienced a great year with a 69 percent growth in income available to common stockholders and a 20 percent growth in gross premiums earned,” said Homeowners Choice Chief Executive Officer and Chairman Paresh Patel. “Our results were significantly and positively impacted by the acquisition of policies from HomeWise Insurance Company in November last year which nearly doubled our policy count to approximately 120,000 policies at year end. Our results continue also to reflect prudent risk management, low policy acquisition costs, selective underwriting and a conservative investment portfolio.”

Fourth Quarter 2011

Income available to common stockholders for the fourth quarter of 2011 was $4.6 million, or $0.62 per diluted share, compared with $1.8 million, or $0.27 per diluted share, for the fourth quarter of 2010. The fourth quarter includes two months of results following the company’s acquisition of policies from HomeWise in November 2011.

Gross premiums earned for the fourth quarter of 2011 increased to $49.8 million from $30.0 million in the prior year quarter, primarily as a result of the policies assumed from HomeWise which accounted for $18.3 million of gross premiums earned in the quarter. Net premiums earned (gross premiums earned reduced by premiums paid to reinsurance companies) for the fourth quarter of 2011 increased approximately 130 percent to $35.7 million from $15.5 million in the prior year quarter.

During the fourth quarter of 2011, investment income increased 48 percent to $578,000 from $390,000 during the same period in 2010. Other income during the fourth quarter 2011 declined 5 percent to $629,000 from $665,000 in the prior year quarter. The company reported realized investment losses of $149,000 on investments sold during the fourth quarter of 2011 as compared with realized investment gains of $469,000 during the same period 2011.

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Losses and loss adjustment expenses for the fourth quarter of 2011 were $16.9 million compared with $8.2 million in the prior year quarter. Policy acquisition and other underwriting expenses for the three months ended Dec. 31, 2011 and 2010 were $7.6 million and $4.2 million respectively. Other operating expenses, which include a variety of general and administrative costs, for the three months ended Dec. 31, 2011 and 2010 were $4.4 million and $1.9 million, respectively.

Full Year 2011

For the year ended Dec. 31, 2011, income available to common stockholders was $9.1 million, or $1.34 per diluted share, compared with $5.4 million, or $0.81 per diluted share, for the year ended Dec. 31, 2010. Results for 2011 included a bargain purchase gain of $936,000 ($575,000 net of tax), or $0.08 per diluted share.

Stockholders’ equity increased to $63.8 million at Dec. 31, 2011 from $46.6 million at Dec. 31, 2010. The company paid dividends of $0.525 per share in 2011 versus $0.30 per share in 2010.

Gross premiums earned for the year ended Dec. 31, 2011 increased by approximately 20 percent to $143.6 million from $119.8 million in the prior year. Net premiums earned for 2011 increased approximately 40 percent to $87.2 million from $62.4 million in the prior year. Investment income for the year ended Dec. 31, 2011 was $2.2 million compared with $2.0 million in the prior year. Realized investment gains of $0.3 million were recognized in 2011 compared with $2.0 million in 2010.

Losses and loss adjustment expenses for the year ended Dec. 31, 2011 were $48.2 million compared with $37.7 million in the prior year. Policy acquisition and other underwriting expenses for 2011 and 2010 were $18.1 million and $14.9 million, respectively. Other operating expenses increased to $12.1 million for the year ended Dec. 31, 2011 compared with $7.5 million in the prior year.

“The November transaction with HomeWise has been beneficial not only to Homeowners Choice, but also to the HomeWise policyholders who now continue in the private insurance market and the State of Florida which avoided absorbing these policies and the related risk exposure. We believe these additional policies will add significant value to our business going forward.” said CEO Paresh Patel. “We look forward to 2012 and beyond as we continue to selectively expand and diversify our policyholder base.”

Financial information is included below.

Conference Call

The Company will host an earnings conference call today, March 8, 2012 at 4:30 E.T. to discuss its fourth quarter 2011 and year end 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 April 9, 2012.

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About Homeowners Choice, Inc.

Homeowners Choice, Inc. is a Florida-based insurance holding company headquartered in Tampa. Through its subsidiary corporations, Homeowners Choice provides property and casualty homeowners’ insurance, condominium owners’ insurance and tenants’ insurance. Founded in 2006, Homeowners Choice serves approximately 120,000 policyholders throughout Florida representing approximately $227 million in annualized premiums. The company’s common shares trade on the NASDAQ Global Select Market under the ticker symbol HCII and are included in the Russell Microcap Index. Its warrants trade on the same market under the ticker symbol HCIIW. Its Series A, Cumulative Redeemable Preferred shares trade on the NASDAQ Capital Market under the ticker symbol HCIIP. More information about Homeowners Choice, Inc. is available at www.hcpci.com.

The Homeowners Choice, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6712

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,” “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 the company will continue to benefit on multiple fronts, add significant value to our business going forward, or continue to selectively expand our market share. 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

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

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HOMEOWNERS CHOICE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Dollars in thousands, except per share amounts)

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