What is VaultCova, and why we built it

VaultCova is a simple way to log everything you own, understand what it is really worth, and insure it through licensed underwriters, all in one place. You describe an item to Cova, our assistant, in plain language. Cova builds the record, tracks its replacement value over time, and when you are ready, helps you arrange the right cover.

That is what VaultCova does. This is why it exists.

The problem I kept seeing

Before VaultCova, I worked for years as an insurance surveyor, and still do. My job is to look at what people and businesses owned, assess the risk, and, when something went wrong, help work out what was actually lost.

The same problem came up again and again. People were insured, but they did not have a precise, current record of what they owned or what it was worth. A business would insure its stock for a round number picked a year ago. A family would have a policy but no receipts, no photos, no serial numbers, and no real sense of replacement cost. So when a fire or a burglary happened, the moment that cover was supposed to make right, the claim turned into an argument. How much was it worth? Can you prove you owned it? Were you underinsured?

Under the average clause, if you insure a 10 million naira asset for 6 million, a 3 million naira loss pays out around 1.8 million. People discovered that at the worst possible time. The cover existed. The valuation did not. And a weak record quietly cost them money they thought they were protected for.

Why so few Nigerians are covered

Nigeria has one of the lowest insurance penetration rates in the world, well under 1% of GDP. It is easy to assume that means people do not value protection. That is not what I saw.

The barriers are complexity and access. Policies are written in language nobody reads for pleasure. Buying cover has meant forms, jargon, back and forth, and a process that assumes you already know the difference between all-risks and burglary cover. Valuing your own assets accurately is hard work that most people never do. So millions of people who own real things, phones, laptops, vehicles, homes, shops full of stock, go without cover, not because they do not care, but because the path to it is confusing and slow.

What we decided to build

VaultCova starts from a different place: begin with what you own, not with a policy.

• Log it in plain language. Tell Cova "I have a 2019 Corolla and a MacBook worth about 900,000" and it builds your vault. No forms to fight.
• Know the real number. We track each asset's replacement value over time, so your cover keeps pace with prices and the naira instead of drifting out of date.
• Insure when you are ready. Logging and tracking are free, with no obligation to buy. When you choose to insure, Cova asks only the questions that matter and quotes you from licensed underwriters.
• Keep the proof where it counts. Receipts and photos live with each item, off your premises by default, so a claim is straightforward instead of a dispute.

Cova does the hard part, understanding your risk, matching the right class of cover, and guiding a claim, so you do not need to be an insurance expert to be properly protected.

Why it matters

Insurance only does its job when the record behind it is right. An accurate, living inventory turns cover from a promise into something that actually pays when it counts. That is the gap I watched people fall into for years, and it is the gap VaultCova closes.

Getting more people covered is not about convincing them that protection matters. Most people already know. It is about removing the complexity and the friction, and giving them an honest, simple way to see what they own, what it is worth, and how to protect it.

Start with what you own

You do not have to insure anything today. Start by logging what you own and seeing your real exposure. Talk to Cova, build your vault, and insure on your own terms when you are ready.