On average, a renters insurance policy with a $30,000 personal property coverage limit in the United States will only run you about $15 a month. With inflation driving replacement costs upward and news of catastrophic climate losses a common occurrence, even those renters who aren't compelled by the terms of their lease to purchase a policy would be well-served to make the investment. A standard renters policy will include coverage for loss of use, personal liability and medical payments in addition to personal property, but other factors NerdWallet suggests renters consider when shopping for quotes and comparing their options include:

Do they want their belongings insured for replacement cost (which pays for a similar new item) or actual cash value (what the property was worth at the time the loss occurred)?
Do they have any particularly expensive items, like jewelry or electronics, which could require extra coverage? As policies can sometimes limit how much they will pay for certain items, they may need to add a floater to their policy to guarantee their possessions are insured at their full value.
Do they own a dog? If so, they should make sure dog bites are covered by the liability portion of their policy.

NerdWallet recently evaluated and rated renters insurance companies based on criteria including financial strength, customer complaints, coverage options, user-friendly claims filing and the availability of discounts. Fourteen carriers received ratings of 4.5 stars or more out of 5. Insurers receiving 4.5-star ratings were Allstate, American Family, Auto Club Group (AAA), Auto-Owners, The Hanover, Lemonade and Nationwide. In the slideshow above, we'll look at the renters insurance companies NerdWallet gave a perfect 5-star rating and where they believe each of these insurers excel.

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