Which condition must a mortgageholder meet to obtain coverage?

A mortgageholder must pay insurance premiums on time to obtain coverage. Timely payment of premiums is fundamental in maintaining the validity of an insurance policy. If premiums are not paid on time, the policy may lapse, resulting in a loss of coverage that protects the mortgageholder's interests in the property. By ensuring that premiums are current, the mortgageholder secures the necessary coverage that safeguards their investment in the event of a loss or damage to the property.

Meeting this condition ensures that the mortgageholder is in good standing with the insurance provider, allowing them to receive benefits when a claim is filed. The other options do not address the critical requirement of maintaining valid insurance coverage through timely premium payments.