Renters insurance is a small investment that could offer major protection. On average, coverage will run renters about $14 a month, depending on where they live, but it's important they shop around and find the most appropriate coverage for their situation, regardless of the cost. According to NerdWallet, which recently released their list of the best renters insurance companies for 2022, a standard renters policy will include personal property coverage, liability coverage, medical payments coverage and loss of use coverage, all with varying limits depending on the customer's needs. Renters should also look at each company's optional coverages; which can include things like extra coverage for expensive items and identity fraud protection. Not all rental situations are the same, though, and NerdWallet offered the following advice for finding the proper insurance for your personal situation:

You have a roommate

While some states will allow roommates to share a renters policy, it may not always be the best idea. Prior to deciding on a policy, have a frank discussion with your roommate about the type of coverages you need, and whether it would be best to insure your belongings separately.

Money is tight

Increasing your deductible is an easy way to reduce your premium. However, when making this choice, you have to consider the reality that you'll end up paying more out-of-pocket if you ever need to file a claim.

You would want new items if yours were destroyed

While replacement cost coverage can bump up your renters insurance premium a bit, it could be worth the cost if you would prefer your policy pay for brand-new items if yours are trashed. Most standard policies will only pay actual cash value; which means they will pay to replace your items with similar new ones.

You own expensive jewelry or electronics

Renters policies often have a cap on how much they will pay for high-ticket items like jewelry and electronics. If you own valuables that are worth more than the standard limit on the policy, you should consider adding extra coverage to make sure their full value is insured.

You have a dog

No matter how gentle your sweet pup may be, it's still in your best interest to make sure dog bites are covered under the liability section of your renters policy. Some policies even exclude certain breeds, so be sure to make your agent aware of any pets on the property. In the slideshow above, we'll take a look at the 13 companies who scored 4.5 stars or more (out of five) in NerdWallet's analysis of the best renters insurance companies of 2022. To read their full anaylsis of the best renters insurance companies of 2022, and learn more about NerdWallet's rating methology, go to nerdwallet.com.

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