SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Patel Paresh

(Last)

(First)

(Middle)

2340 DREW STREET

SUITE 200

(Street)

CLEARWATER

33765

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Homeowners Choice, Inc. [ HCII ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common stock								284,000	D⁽¹⁾
Common stock								11,000	D
Common stock	11/02/2010		M		20,000	A	$2.5	30,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Warrant (Right to Buy)	$9.1⁽²⁾							⁽²⁾	07/30/2013	Common	2,000⁽²⁾		4,000	D
Stock Option (Right to Buy)⁽³⁾	$2.5							⁽⁴⁾	09/05/2017	Common	60,000		60,000	D
Exercise of Stock Option⁽³⁾	$2.5	11/02/2010		M			20,000	⁽⁵⁾	05/31/2017	Common	20,000	$2.5	60,000	D
Stock Option (Right to Buy)⁽³⁾	$2.5							⁽⁶⁾	05/31/2017	Common	30,000		30,000	D
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽⁸⁾							11/14/2008	07/30/2013	Common	1,400⁽⁸⁾		2,800⁽⁸⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁰⁾							11/18/2008	07/30/2013	Common	1,900⁽¹⁰⁾		3,800⁽¹⁰⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹¹⁾							11/19/2008	07/30/2013	Common	2,050⁽¹¹⁾		4,100⁽¹¹⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹²⁾							11/20/2008	07/30/2013	Common	2,500⁽¹²⁾		5,000⁽¹²⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹³⁾							11/25/2008	07/30/2013	Common	500⁽¹³⁾		1,000⁽¹³⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)	$9.1⁽¹⁴⁾							12/09/2008	07/30/2013	Common	450⁽¹⁴⁾		900⁽¹⁴⁾	D
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁵⁾							⁽¹⁵⁾	07/30/2013	Common	930⁽¹⁵⁾		1,860⁽¹⁵⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁶⁾							02/04/2009	07/30/2013	Common	401⁽¹⁶⁾		802⁽¹⁶⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁷⁾							03/25/2009	07/30/2013	Common	750⁽¹⁷⁾		1,500⁽¹⁷⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁸⁾							03/30/2009	07/30/2013	Common	500⁽¹⁸⁾		1,000⁽¹⁸⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽¹⁹⁾							04/01/2009	07/30/2013	Common	2,200⁽¹⁹⁾		4,400⁽¹⁹⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²⁰⁾							04/06/2009	07/30/2013	Common	2,000⁽²⁰⁾		4,000⁽²⁰⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²¹⁾							05/06/2009	07/30/2013	Common	2,500⁽²¹⁾		5,000⁽²¹⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy⁽⁷⁾	$9.1⁽²²⁾							05/11/2009	07/30/2013	Common	2,500⁽²²⁾		5,000⁽²²⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²³⁾							05/21/2009	07/30/2013	Common	3,950⁽²³⁾		7,900⁽²³⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)	$9.1⁽²⁴⁾							06/16/2010	07/30/2013	Common	5,000⁽²⁴⁾		10,000⁽²⁴⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²⁵⁾							06/05/2009	07/30/2013	Common	1,300⁽²⁵⁾		2,600⁽²⁵⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²⁶⁾							07/28/2009	07/30/2013	Common	1,025⁽²⁶⁾		2,050⁽²⁶⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²⁷⁾							08/14/2009	07/30/2013	Common	2,500⁽²⁷⁾		5,000⁽²⁷⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽²⁸⁾							08/17/2009	07/30/2013	Common	2,500⁽²⁸⁾		5,000⁽²⁸⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (RIght to Buy)⁽⁷⁾	$9.1⁽²⁹⁾							08/27/2009	07/30/2013	Common	2,500⁽²⁹⁾		5,000⁽²⁹⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽³⁰⁾							09/01/2009	07/30/2013	Common	2,500⁽³⁰⁾		5,000⁽³⁰⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)⁽⁷⁾	$9.1⁽³¹⁾							09/04/2009	07/30/2013	Common	2,500⁽³¹⁾		5,000⁽³¹⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)	$9.1⁽³²⁾							05/20/2010	07/30/2013	Common	3,550⁽³²⁾		7,100⁽³²⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)	$9.1⁽³³⁾							06/02/2010	07/30/2013	Common	2,500⁽³³⁾		5,000⁽³³⁾	I⁽⁹⁾	IRA⁽⁹⁾
Stock Warrant (Right to Buy)	$9.1⁽³⁴⁾							06/03/2010	07/30/2013	Common	5,000⁽³⁴⁾		10,000⁽³⁴⁾	I⁽⁹⁾	IRA⁽⁹⁾

Explanation of Responses:

1. Shares are held jointly with spouse.

2. In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 4,000 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

3. The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.

4. These options vest and become immediately exercisable upon the fair market value of the Company's Common Stock reaching $7.50 per share.

5. Commencing on June 1, 2007 and continuing on the first day of each calendar month thereafter through and including January 1, 2010, the amount of 5,000 options will vest and become exercisable on each such monthly vesting date.

6. Commencing on May 1, 2008 and continuing on the same day of each calendar year thereafter through and including May 1, 2010, the amount of 10,000 options will vest and become exercisable on each such annual vesting date.

7. Acquired pursuant to a Section 10b5-1 purchase plan.

8. 2,800 warrants were purchased on 11/14/08 at a price of $0.3382 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

9. Warrants are held in the reporting person's IRA.

10. 3,800 warrants were purchased on 11/18/08 at a price of $0.45 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

11. 4,100 warrants were purchased on 11/19/08 at a price of $0.35 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

12. 5,000 warrants were purchased on 11/20/08 at a price of $0.38 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

13. 1,000 warrants were purchased on 11/25/08 at a price of $0.40 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

14. 900 warrants were purchased on 12/09/08 at a price of $0.50 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

15. 360 warrants were purchased on 2/2/09 and 1,500 warrants were purchased on 2/06/09 at a price of $0.47 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

16. 802 warrants were purchased on 2/4/09 at a price of $0.47 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

17. 1,500 warrants were purchased on 3/25/09 at a price of $0.42 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

18. 1,000 warrants were purchased on 3/30/09 at a price of $0.49 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

19. 4,400 warrants were purchased on 4/01/09 at a price of $0.475 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

20. 4,000 warrants were purchased on 4/06/09 at a price of $0.45 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

21. 5,000 warrants were purchased on 5/06/09 at a price of $0.474 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

22. 5,000 warrants were purchased on 05/11/09 at a price of $0.504 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

23. 5,000 warrants were purchased on 05/21/09 and 2,900 warrants were purchased on 05/28/09 at a price of $0.50 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

24. 10,000 warrants were purchased on 06/16/10 at a price of $0.45 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

25. 2,600 warrants were purchased on 06/05/09 at a price of $0.5077 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

26. 2,050 warrants were purchased on 07/28/09 at a price of $0.5834 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

27. 5,000 warrants were purchased on 08/14/09 at a price of $0.6971 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

28. 5,000 warrants were purchased on 08/17/09 at a price of $0.69 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

29. 5,000 warrants were purchased on 08/27/09 at a price of $0.70 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

30. 5,000 warrants were purchased on 09/01/09 at a price of $0.60 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

31. 5,000 warrants were purchased on 09/04/09 at a price of $0.70 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

32. 7,100 warrants were purchased on 5/20/10 at a price of $0.60 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

33. 5,000 warrants were purchased on 06/02/10 at a price of $0.46 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

34. 10,000 warrants were purchased on 06/03/10 at a price of $0.50 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share.

Remarks:

	/s/ Cathy J. Welch as Attorney-in-fact for Paresh Patel	11/08/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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