Loss Mitigation (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

Steps taken to reduce the severity or frequency of a loss. Effective mitigation strategies help keep your claims and premiums lower.

What to consider

Know the maximum coverage available.
Assess if the limit is sufficient for your needs.
Consider additional coverage if limits are low.

Real world scenarios

A homeowner’s insurance policy specifies a policy limit that caps the payout for property damage.
An auto policy outlines a policy limit for liability in case of an accident.
A business insurance policy sets a limit on claims payable per incident.

Related terms

Insurance & Financial Protection

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