"These rates have been very volatile. For example, they rose 70 percent between 1999 and 2005. But the good news is over the last two years, that is since 2005, those rates are down 30 percent," says Dr. Walden, a North Carolina Cooperative Extension specialist at N.C. State University.

"I think the big reason is simple: a calm hurricane season last year. And the higher rates that the companies had let them recoup their losses," he adds. "And so with their losses recouped they can now get into a more competitive and actually decrease their rates to get more business.

"So what we have to watch -- again, as in so many areas -- ... [is] the storm season this year. If we have another mild season like we did last year, that will be good news for insurance rates, but if we have a season for example like 2005 you can bet that insurance rates will go up."