Homeowners Choice Joins Russell Microcap Index

Homeowners Choice, Inc. (NASDAQ:HCII), a Florida-based provider of homeowners� insurance, today announced that it has been included in the Russell Microcap Index as part of Russell Investment Group�s reconstitution of its family of U.S. indexes. Russell finalized the reconstitution after the market close on June 26, 2009 and a list of final additions to its indexes can be viewed at www.russell.com.

The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market and includes 1,000 of the smallest securities in the small-cap Russell 2000 Index based on a combination of their market capitalization and current index membership as well as the next smallest 1,000 securities. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market capitalization rankings and style attributes. Homeowners Choice�s market capitalization is approximately $35 million.

Homeowners Choice Chief Executive Officer F.X. McCahill, commented, "Inclusion in the Russell Microcap Index is an important milestone for the company. Since our initial public offering in July 2008 we have reported strong gains in revenue, earnings and book value. We believe a tremendous market opportunity still exists in the Florida property and casualty market for experienced managers and companies such as Homeowners Choice that have a solid financial condition. With inclusion in this index, we hope to gain additional attention from prospective investors.�

According to Russell, their indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. More than $4 trillion in assets currently are benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company�s weighting in the particular index.

Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000 and Russell Microcap. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.

About Homeowners Choice, Inc.

Homeowners Choice, Inc. (NASDAQ: HCII) is a Florida-based insurance holding company headquartered in Clearwater. The Homeowners Choice group of companies provides property and casualty homeowners' insurance, condominium owners' insurance and tenants' insurance solely to Florida property owners. Founded in 2006, Homeowners Choice today serves more than 60,000 policyholders throughout Florida representing in excess of $100 million in annualized premiums. 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. Some of these risks and uncertainties are identified in the company�s registration statement filed 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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