Depopulation Package Prepared by FAIA. Homeowners Choice P&C

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1 Depopulation Package Prepared by FAIA Homeowners Choice P&C 9/25/2012

HO3 Coverage Comparison Coverages Homeowners Choice Citizens (as of 1/2012) Coverage A - Dwelling (max limit) 1,000,000 1,000,000 0% / 2% / 5% / 10% of A Coverage B - Other Structures 0% / 2% / 5% /

2 HO3 Coverage Comparison Coverages Homeowners Choice Citizens (as of 1/2012) Coverage A - Dwelling (max limit) 1,000,000 1,000,000 0% / 2% / 5% / 10% of A Coverage B - Other Structures 0% / 2% / 5% / 10% of A (no coverage for covered carports, pool screen enclosures, other screen enclosures, patios, awnings, slat houses, chickees, tiki huts, gazebos, cabanas, canopies, pergolas or similar structures constructed to be open to the weather) Coverage C - Personal Property 0% / 25% up to 50% 0% /25% / 50% Coverage D - Loss of Use 10% of A 10% of A Coverage E - Personal Liability 100, 000 or 300, ,000 Coverage F - Medical Payments 2,000 2,000 Defaults Coverage B - Other Structures - Default Limit 10% of Coverage A 10% of Coverage A Coverage C - Personal Property - Default limit 35% of Coverage A 25% of Coverage A Deductibles Hurricane Deductible 2% / 5% / 10% 2% / 5% / 10% 500 / 1,000 All Other Perils Deductible 2,500 Non Coastal Territories 500 / 1,000 / 2,500 Sinkhole Deductible 10% of Coverage A 10% of Coverage A Additional Coverages Covered under Coverage A limits (if attached to the dwelling); Covered under Coverage B limits (if not No coverage Screened Enclosures, Pool, carports attached to the dwelling) Loss Assessment 1,000 / 2,000 / 3,000 1,000 Limited Fungi (Mold), Wet or Dry Rot, Yeast or Bacteria - Section I Property 10,000/ 25,000 / 50,000 10,000 Limited Fungi (Mold), Wet or Dry Rot, Yeast or Bacteria - Section II Liability 50,000 / 100,000 50,000 Ordinance or Law Coverage 25% included / 50% available 25% included / 50% available Page 1 of 2

3 Special Limits Money Securities 1,000 1,000 Watercraft 1,000 1,000 Trailers 1,000 1,000 Jewelry and Furs (theft) 1,000 1,000 Firearms (theft) 2,000 2,000 Silverware (theft) 2,500 2,500 Business Property on Premises 2,500 2,500 Business Property off Premises Electronic apparatus while in or upon vehicle (covered perils except theft) 1,000 1,000 Electronic apparatus NOT while in or upon vehicle (covered perils except theft) 1,000 1,000 Fire Department Service Charge Credit Card Refrigerated Property Watercraft Liability (not a sailing vessel) Inboard and Inboard/Outboard engine 50hp or less Outboard engine 25hp or less (refer to HO3 form for details) Inboard and Inboard/Outboard engine 50hp or less Outboard engine 25hp or less (refer to HO3 form for details) Watercraft Liability (sailing vessel) Less than 26 ft Less than 26 ft Permitted Incidental Occupancy Available Not Available Debris Removal (tree removal max 500) 5% of Coverage A 5% of Coverage A Trees, Shrubs and Other Plants 5% of Coverage A, no more than 500 5% of Coverage A, no more than 500 Landlords furnishings 2,500 2,500 Vandalism and Malicious Mischief no coverage if vacant > 30 consecutive days no coverage if vacant > 30 consecutive days Optional Coverages Specifically listed Other Structures Not available Not Available Animal Liability Not available Not available Sinkhole Coverage Optional (underwriting review and approval) Optional Water Back up and sump-pump overflow Not available Not available Scheduled Personal Property Not available Not available Personal Property Exclusion Available Available Wind Exclusion Available Available Personal Property Replacement Coverage Available Available Scheduled Personal Property Not available Not available Special Personal Property Not available Not available Dwelling Under Construction Not available Not available Golf Cart Physical Damage and Liability Not available Not available Page 2 of 2

Homeowners Choice P&C Ins Co. (12944) 5300 West Cypress Street Suite 100 http://www.hcpci.

4 Homeowners Choice P&C Ins Co. (12944) 5300 West Cypress Street Suite (813) Corporate Data Ratings Information Balance Sheet ($000) 2012L2 2011Y 2010Y 2009Y Income Statement ($000) 2012L2 2011Y 2010Y 2009Y SNL Group Name NAIC Company Code Agency Rating Last Reviewed Assets Underwriting Income Parent Name Homeowners Choice, Inc. AM Best Net Adm Bonds 37,318 33,136 28,472 23,813 Premiums Earned 125,184 81,618 55,867 59,564 Tax Identification Number S&P Net Adm Preferred Stock 1,652 1, Loss & Loss Adj Expense 67,247 51,422 39,065 36,149 NAIC Filer Type P&C Fitch Ratings Net Adm Common Stock 7,090 3, Other Underwriting Exp Incurred 45,373 32,595 22,570 26,149 NAIC Ownership Structure Stock Company Moody's Mortgage Loans Agg Write-Ins for Underwriting Deductions 2,127 1,438 1, Real Estate Net Underwriting Gains 10,437-3,837-7,267-3,083 Business Profile Officers Net Adm Contract Loans & Premium Notes Dividends To Policyholders Business Focus Personal Lines Focus Chief Executive Officer Scott Richardson Wallace Net Adm Cash, Cash Equivalents, Short-Term Inv 105, ,300 54,354 55,983 Geographic Focus Regional - Southern Quadrant Chief Financial Officer Richard Ralph Allen Other Investments 9,183 8,924 8, Investment Income Operating Status Current President Scott Richardson Wallace Net Adm Cash & Invested Assets 160, ,655 92,537 79,820 Net Investment Income Earned 2,179 2,098 1,802 1,677 Auditor Hacker Johnson & Smith PA Stat Statement Contact Richard Ralph Allen Premiums & Considerations Due 19,332 11,203 5,186 4,900 Investment Income Growth % Actuary Merlinos & Associates Inc. Reinsurance Recoverable ,570 Net Realized Capital Gains Less Taxes ,302 0 Distribution Channel General Agnt/Managing General Agnt Net Adm Receivables from Affiliates 0 3, Other Admitted Assets 12,286 8,940 7,847 7,341 Net/Operating Income Net Admitted Assets 191, , , ,630 Finance & Svc Chrgs Other than Premiums DPW by LOB LTM Q2 Geographic Distribution LTM Q2 All Other Income Liabilities Net Inc Before Inc Tax; After CG Tax, P Div 12,558-1,570-4,205-1,058 Unpaid Losses 34,319 24,785 19,273 17,733 Federal & Foreign Income Taxes 4,027 2,740-3, Unpaid Loss Adj Expenses 2,992 2,639 2,874 1,433 Net Income 8,531-4, Homeowner, Farmowner : 99.9% Loss & Loss Adj Exp Reserves 37,311 27,424 22,146 19,166 Pre-Tax Operating Income 12,555-1,746-5,507-1,057 Unearned Premiums 24,312 82,698 38,184 41,209 Fire & Allied Cmbnd : 0.1% Total Reinsurance Liabilities 61,647 11,297 9,688 20,914 Surplus Account Commissions, Other Exp & Taxes Due & Accrued Capital & Surplus, Beginning of Period 24,848 31,147 24,117 24,765 Southeast : 100.0% Payable to Parent, Subs & Affiliates ,476 Net Income 8,531-4, Other Liabilities 16,773 6,661 3,762 1,565 Net Chg in Unrlzd Capital Gains Less Taxes Liabilities 140, ,589 74,423 87,513 Change in Surplus Notes 4,000 4, Capital Chgs & Surplus Adj 10,054 10,000 9,140 0 Equity Dividends To Stockholders Common Capital Stock Liability All Other Chgs in Surplus 3,525 5,662-1,386 1 Preferred Capital Stock Liability Surplus as Regards Policyholders 51,242 46,503 31,147 24,117 **(Combined) companies' data only available on annual basis. Surplus Notes 4,000 4, Return Measures (%) 2011Y 2010Y 2009Y 2008Y Unassigned Funds 6, ,117 Underwriting Analysis ($000) Return on Assets Other Including Gross Contributed 41,193 42,322 31,139 21,999 Return on Equity Surplus as Regards Policyholders 51,242 46,503 31,147 24,117 Premiums Pre-tax Operating ROAE Gross Premiums Written NA 188, , ,301 Total Investment Yield PHS Sensitivity as of 2012L2 (US $M) Gross Premiums Written Growth (%) NA PHS 15% Reinsurance Unrecoverable 15% Fall in Stock Value Direct Premiums Written 179, , ,063 92,683 Investment Securities Detail ($000) Direct Premiums Written Growth (%) % Adverse Development Loss Reserves Market Value of Bonds (YE) Net Adm Cash & Invested Assets (Amortized Cost) 151,655 92,537 79, ,725 Net Premiums Written 136, ,133 52,842 33,982 Affiliated Investments Net Premiums Written Growth (%) Bonds/ Unaffiliated Invstmts (%) Retention Ratio (%) NA Preferred Stocks/ Unaffiliated Invstmts (%) Common Stocks/ Unaffiliated Invstmts (%) Profitability % Cash & Short-Term/ Unaffiliated Invstmts (%) Underwriting Yield 49.0 Loss Ratio Net Yield on Invested Assets (%) Loss Adj Expense Ratio Gross Yield on Bonds, excl Aff (%) NA Loss & LAE Ratio Gross Yield on Preferred Stock, excl Aff (%) NA NA 46.1 Expenses (NPW) Gross Yield on Common Stock, excl Aff (%) NA NA 46.0 Net Commission Ratio NA Credit Analysis 45.0 Salaries & Benefits Ratio NA Bonds: Fair Value as % of Carrying Value NA 44.0 Tax, License & Fees Ratio NA Bonds: Weighted Avg Ratings by Bond Charact NA 43.0 Admin & Other Exp Ratio NA Bonds: Non-Investment Grade (as a % of C&S) Expense Ratio Bonds Industrial & Misc: RMBS 1,699 2, Capital and Liquidity Policyholder Dividend Ratio Bonds Industrial & Misc: CMBS 8,875 3, RBC - Total Adjusted Capital NA 46,503 31,147 24,117 Total Bonds Industrial & Misc: Other Loan- Backed 0 0 5,051 0 ACL Risk Based Capital NA 10,802 9,150 12,349 Combined Ratio Risk Based Capital Ratio (TAC/ACL RBC) (%) NA Combined Ratio, excl PHD Reserve Analysis (%) Affiliated Investments / PHS (%) Operating Ratio Yr Loss Reserve Development / NPE Total Reins Recoverable Excl US Affiliates / PHS (%) NA Yr Loss Reserve Dev / 1Y Prior PHS Cash & Short-Term Investments / Liabilities (%) Underwriting Profitability (%) Expense Ratio Loss & LAE Ratio Combined Ratio 2 Yr Loss Reserve Dev / 2Y Prior PHS Total Liabilities/Liquid Assets (IRIS Ratio) (%) Change in Loss and LAE Reserves / Reserves Loss and LAE Reserves / NPE Leverage % IBNR/ Total Reserves Growth in PHS Reserves/ Equity GPW to PHS NA Personal: Loss & Loss Adj Exp Reserves ($000) 27,423 22,146 19,166 14,764 NPW to PHS Comm'l: Loss & Loss Adj Exp Reserves ($000) Total Liabilities to PHS Cmbnd A&H: Loss & Loss Adj Exp Reserves ($000) Loss & LAE Reserves to PHS Net Leverage Reinsurance Analysis (%) Inv. Income / Pre-tax operating income Retention Ratio (NPW/GPW) Reinsurance Recoverable ex US Affiliates ($000) 14,686 17,163 6, Cash Flow Total Net Reinsurance Recoverable ($000) 14,686 17,163 6, Net Cash from Operations 29,939 49,600 3,886-21, Unauthorized Net Recov. (exc US Affiliates) ($000) 5,507 6,468 2, Net Cash from Financing 12,736 10,134 6, >120 Days Overdue Re Recoverable/ PHS (exc US A Net Cash from Investing -15,383-9,788-11,850-23, Y 2010Y 2011Y 2012L2 Nonaffiliated Reinsurance Assumed / GPW Total Net Change in Cash 27,293 49,946-1,629-45,742 *L2 = Last Twelve Months Q2 Source: SNL Financial LC

5 Homeowners Choice was unable to complete the Model Partnership Panel Report survey by e-news press time. The company is working on its survey responses and FAIA will make them available to members as soon as we receive them. 9/25/2012

Coverage Worksheet. Named Peril with Extended Coverage Option. Replacement Cost. Named Peril with Extended Coverage Option

Coverage Worksheet. Named Peril with Extended Coverage Option. Replacement Cost. Named Peril with Extended Coverage Option DP-1 Coverage Worksheet Dwelling Fire Standard Coverages Coverage A: Dwelling (Primary Structure) Covered Causes of Loss Loss Settlement (Replacement Cost or Actual Cash Value) Named Peril with Extended