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? What is Dwelling Coverage? Do you know what Dwelling Coverage is? Protecting Those Who Matter Most The importance of life insurance, how it works, and how much coverage you need.