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 Combine Your Policies and Save Some things just make perfect sense in pairs. Gun Ownership and Your Homeowners Policy Gun owners need to make sure that their homeowners policy covers the full value of their firearm(s) and personal liability. Long-Term-Care Protection Strategies The chances of needing long-term care, its cost, and strategies for covering that cost.