Alhamdu Lillah

The company in question is NOT a Sharia compliant one. Their model is a semi-interest bearing loan, even if they claim otherwise.

They claim to go with (diminishing partnership) model, but they do not pay their share from the maintenance, insurance, and tax. Worse than that; they ask for their money in full in case their client decided to terminate the contract, so, the risk they take is Zero! Obviously, the aforementioned violations are more that enough to invalidate the whole transaction and render it to a semi-Riba one.

As of insurance issue; it could be overlooked as it is required by law when closing or transferring the deed of the house.