The impact of climate change beyond adaptation is known as loss and damages that result from extreme events to slow onset processes. Landslides is a major climatic stressor in Nepal mainly due to the unique combination of active tectonic setting, high rates of weathering and abundant rainfall, aggravated by human interference in form of rapid urbanization and infrastructure development. This study estimates the total loss and damage due to the occurrence of Khanikhola landslides and also establishes ongoing adapting strategies of people towards debris flow in the community. The paper presents the calculation of loss and damage of livelihood assets. Of the total household, 14, 72, 75 and 20% reported a loss of livestock, loss of cultivated crops, loss and damage of land and loss and damage to their houses respectively. The RUSLE model predicted erosion rates with an average value of 36.30 t/ha/year. The total cost of loss and damage was found to be US$4,524,940. It is envisaged that the output of the study will be key inputs in designing of sustainable mitigation measures to minimize the impact of landslides and the associated risks.