What is a Loss? Loss[los]noun1.A Loss is an injury or damage that is covered by an insurance Policy. Losses can be partial, like when wind damages part of a roof, or total, as when an automobile is “totaled” in a collision. Share | Have A Question About This Topic? Address Thank you! Oops! Related Contents If a Tree Falls Do you know what to do if a tree falls on you house, damaging your roof? Did You Know This Fact About Damaged Property? Damaged property during the claims process shouldn't be thrown away. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.