The village of Korovaevo, also known as Karavaevo, is located 55 versts from Vladimir and 29 versts from the district town of Pokrov. According to the scribal books of 1637 and 1643, this village was an ancient estate of the chamberlain D.F. Kuzmin. At that time, there was a wooden church dedicated to the Assumption of the Blessed Virgin Mary, with chapels in honor of the Most Holy Theotokos Odigitria and the Archangel Michael. According to the census books of 1678, the owners of Korovaevo were the estate holders Fedor Andreev and Stepan Kuzmin.

Around 1730, Dmitry Afanasyevich Kuzmin-Korovaev, a local estate holder, built a stone church on the site of the wooden one. This was evidenced by an inscription on the former iconostasis. The exterior of the church has been preserved to this day, while the iconostasis and interior decoration have been updated. There is a stone bell tower with a tented top, which was added in 1871.

Among the relics of this church, the parishioners especially venerate the church icon of the Assumption of the Blessed Virgin Mary in a silver-gilded robe. The Assumption church is warm, with two altars: the main one in honor of the Assumption of the Blessed Virgin Mary, consecrated at the establishment of the church, and the side altar in the name of the Archangel Michael. The church is well supplied with utensils, vestments, holy icons, and liturgical books.

Church documents are kept intact, including copies of the metric books since 1802 and confession lists since 1828. The clergy consists of a priest, a deacon, and a psalmist. Their maintenance is ensured by income from arable and hay land up to 100 rubles, from grain collection up to 100 rubles, interest capital of 76 rubles, and from services and sacramental corrections up to 1240 rubles, totaling over 1500 rubles per year. The homes of the clergy members are located on church land and are their property. The parish includes the village and 11 villages, where the clerical records list 1290 men and 1450 women. A church-parish school operates in Korovaevo.