Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Patel Paresh
  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)
Chief Executive Officer
(Last)
(First)
(Middle)
5300 W. CYPRESS STREET, SUITE 100
3. Date of Earliest Transaction (Month/Day/Year)
01/31/2012
(Street)

TAMPA, FL 33607
4. If Amendment, Date 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
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common stock               284,000 D (1)  
Common stock 01/31/2012   G   4,000 (2) D $ 0 (2) 63,000 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Warrant (Right to Buy) $ 9.1 (3)               (3) 07/30/2013 Common 2,000 (3)   4,000 D  
Stock Option (Right to Buy) (4) $ 2.5               (5) 09/05/2017 Common 60,000   60,000 D  
Stock Option (Right to Buy) (4) $ 2.5               (6) 05/31/2017 Common 60,000   60,000 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)               (10) 07/30/2013 Common 3,900 (10)   7,800 (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)
Series A Cumulative Redeemable Preferred Stock, no par value (20) $ 10             03/25/2011   (21) Common 10,000   10,000 D  
Stock Warrant (Right to Buy) (7) $ 9.1 (22)             05/06/2009 07/30/2013 Common 2,500 (22)   5,000 (22) I (9) IRA (9)
Stock Warrant (Right to Buy (7) $ 9.1 (23)             05/11/2009 07/30/2013 Common 2,500 (23)   5,000 (23) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (24)               (24) 07/30/2013 Common 3,950 (24)   7,900 (24) I (9) IRA (9)
Stock Warrant (Right to Buy) $ 9.1 (25)             06/16/2010 07/30/2013 Common 5,000 (25)   10,000 (25) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (26)             06/05/2009 07/30/2013 Common 1,300 (26)   2,600 (26) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (27)             07/28/2009 07/30/2013 Common 1,025 (27)   2,050 (27) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (28)             08/14/2009 07/30/2013 Common 2,500 (28)   5,000 (28) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (29)             08/17/2009 07/30/2013 Common 2,500 (29)   5,000 (29) I (9) IRA (9)
Stock Warrant (RIght to Buy) (7) $ 9.1 (30)             08/27/2009 07/30/2013 Common 2,500 (30)   5,000 (30) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (31)             09/01/2009 07/30/2013 Common 2,500 (31)   5,000 (31) I (9) IRA (9)
Stock Warrant (Right to Buy) (7) $ 9.1 (32)             09/04/2009 07/30/2013 Common 2,500 (32)   5,000 (32) I (9) IRA (9)
Stock Warrant (Right to Buy) $ 9.1 (33)             05/20/2010 07/30/2013 Common 3,550 (33)   7,100 (33) I (9) IRA (9)
Stock Warrant (Right to Buy) $ 9.1 (34)             06/02/2010 07/30/2013 Common 2,500 (34)   5,000 (34) I (9) IRA (9)
Stock Warrant (Right to Buy) $ 9.1 (35)             06/03/2010 07/30/2013 Common 5,000 (35)   10,000 (35) I (9) IRA (9)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Patel Paresh
5300 W. CYPRESS STREET
SUITE 100
TAMPA, FL 33607
  X     Chief Executive Officer  

Signatures

 /s/ Cathy J. Welch as Attorney-in-fact for Paresh Patel   02/02/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares are held jointly with spouse.
(2) Bona fide gift of 4,000 shares to one family member who does not reside in the same household as Mr. Patel.
(3) 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.
(4) The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.
(5) These options vest and become immediately exercisable upon the fair market value of the Company's Common Stock reaching $7.50 per share.
(6) 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.
(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 and exercisable on 11/18/08 and 4,000 warrants were purchased and exercisable on 4/6/2009 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) Shares were purchased in connection with Homeowners Choice, Inc.'s ("HCI") offering of its 7% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred"), which was completed on March 25, 2011. Each share of the Series A Preferred will be convertible, at the holder's option at any time, initially into one share of HCI's common stock based upon an initial conversion price of $10.00 per share.
(21) HCI may terminate this conversion right on or after March 31, 2014, if, for at least twenty trading days within any period of thirty consecutive trading days, the market price of HCI's common stock exceeds the conversion price of the Series A Preferred by more than 20% and HCI's common stock is then traded on the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, or the NYSE Amex.
(22) 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.
(23) 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.
(24) 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.
(25) 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.
(26) 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.
(27) 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.
(28) 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.
(29) 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.
(30) 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.
(31) 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.
(32) 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.
(33) 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.
(34) 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.
(35) 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.

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