Hi cswlj and welcome to the forum. A cholesterol level of below 5.2 is regarded as low risk for heart disease, so 5.2 is the bottom rung of the next step, which is borderline high risk. If you weren't diabetic then 5.2 would be regarded as a safe enough level, but as diabetes gives a higher than average risk, the medics prefer diabetics to maintain a much lower level at around 4.0.
There are dietary alternatives to statins, so there is much that we can do to help ourselves. Almonds are reckoned to have the same cholesterol lowering effect as a statin, as are hazelnuts. Also a daily dose of omega-3 and omega-6 oil or capsules will reduce triglycerides and LDL (the "bad" cholesterol) and increase HDL (the "good" cholesterol). Eye-Q is a good branded one but chemists like Boots also sell their own brand versions.