These are the most affordable renters insurance providers to make sure your belongings are covered

A landlord's homeowners insurance policy doesn't cover a renter's personal possessions, so if you're a renter, you'll need renters insurance to protect your belongings.

Renters insurance generally covers three areas: personal property, personal liability and additional living expenses incurred if your rented home is uninhabitable. Personal property includes electronics, clothing, furniture and even kitchen and bath supplies. Liability coverage protects you financially from damages you cause to others, generally for bodily injury or property damage. Additional living expenses coverage (also called ALE) can help pay for a short-term rental and additional expenses like restaurant meals, for example. 

Luckily, renters insurance is less expensive than many other types of insurance, and it's possible to get coverage for less than $20 a month. If you're looking for cheap renters insurance coverage, CNBC Select narrowed down the top four renters insurance providers based on price and coverage quality. (See our methodology for more information on how we made this list.)

• Best overall: Lemonade
• Runner-up: State Farm
• Best for customer satisfaction: Nationwide
• Best for wide availability: Allstate

Lemonade offers affordable renters insurance starting at just $5 per month, depending on your coverage amounts and other factors. For those with high-value items, it's possible to add on extra coverage for things like cameras, jewelry and cameras, for example. Plus, Lemonade offers pet insurance, car insurance and other types of insurance, allowing you to bundle policies and potentially save.

It's easy to get a quote from Lemonade and sign up for a policy online. While the sample quote we gathered was a few dollars higher than the lowest quote we found online, the convenience factor (including a user-friendly app) and high customer satisfaction ratings from J.D. Power's Home Insurance Study for renters insurance make Lemonade a strong option.

State Farm offers very affordable renters insurance coverage. Available in all 50 US states, this renters insurance is a strong contender to keep your belongings covered without spending too much. And, since the insurer offers many other insurance products, it's possible to bundle your policies to save some money. State Farm was also rated "best for customer satisfaction" in our list of the best car insurance companies.

Nationwide is a strong competitor for its affordable renters insurance policies and strong customer satisfaction record. According to J.D. Power, Nationwide is the highest-ranking company for customer satisfaction in renters insurance. To bring down the cost, Nationwide also offers several discounts for being claims-free, having protective devices (including smoke detectors and burglar alarms), and having multiple policies.

Allstate offers renters insurance policies in all 50 states, and the average monthly premium according to the company is $16 per month. Those who bundle their car insurance with their renters insurance can reduce their costs to as low as $4 per month. Customize your policy with optional add-ons for valuable personal property like jewelry and cameras, coverage for identity theft and increased coverage for business property.

• What is the average monthly cost for renters insurance?
• What does renters insurance cover?
• What are the benefits of renters insurance?
• Is renters insurance required?

The average renters insurance policy costs about $174 per year, or $14.50 per month, according to the Insurance Information Institute (III). Prices vary based on factors like the amount of coverage you need, the location of your rental and information about you.

Renters insurance covers your belongings, any expenses you could incur if your rented home becomes uninhabitable and your liability for bodily injury or property damage to others.

Renters insurance can do several things, including:

• Help you repair or replace your belongings if damaged by fire, smoke, theft, vandalism and other covered events.
• Protect you financially from being held liable for bodily damage or property damage to others.
• Cover your costs to live somewhere else if your rented home isn't liveable, including things like short-term rentals or hotels.

Renters insurance is usually not required by law, but landlords can require it. Even if you aren't obligated to get renters coverage, it is useful to have.

Renters insurance is an affordable way to ensure that your belongings are covered if something unforeseeable happens. With the right insurance provider, you'll generally spend less than $20 a month on your policy.

To determine the best cheap renters insurance companies, CNBC Select looked at many U.S. renters insurance companies with competitive prices.

When narrowing down and selecting the best cheap car insurance companies, we focused on average premium, nationwide availability and customer satisfaction data from J.D Power's 2022 U.S. Home Insurance Study.

We considered average premium data from MarketWatch in addition to quotes gathered for a sample apartment. Our sample renter was one 26-year-old male with one pet cat living in New York, NY (10017). Our sample apartment was a 700-square-foot one-bedroom, one-bath apartment with a fire alarm. The sample policy quoted included the following coverage limits and deductible:

• $30,000 of personal property coverage
• $9,000 loss of use coverage
• $100,000 of liability coverage
• $1,000 deductible

After reviewing the above features, we sorted our recommendations by the best overall and runner-up, best for customer satisfaction and best for wide availability.

Note that the premiums and policy structures advertised for homeowners insurance are subject to fluctuate in accordance with the company's policies.

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