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? Name Email Address Question Thank you! Oops! Related Contents If You're In An Accident Learn the best steps to take after you’ve been in an automobile accident with this useful, step-by-step video. Little-Known Homeowners Insurance Facts Many homeowners are unaware of how much their policy may cover. This article can help you maximize your homeowners insurance. Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.