well, although you believe the value of your home decreased, the cost of rebuilding your home probably increased.
furthermore, check your deductible. if you carry a 250 or 500 ded and have had no claims in the last 5 years, you are throwing away money. increase it to 1000 to see an average savings of about $125 per year.
your agent or broker should be talking to you about this.
most of the policies i sell and service (at least 90-95%) got decent decreases in premium this year. and they are going to see another decrease in 2010.
anything below $500.00 a year for homeowners premium is usually good price as long as it gives you at least 300k liability, 5000 medical payments to others and replacement cost on the dwelling and contents. most of mine come in at $350-500.