Accurate and fine-grained information about the extent of damage to buildings is essential for directing Humanitarian Aid and Disaster Response (HADR) operations in the immediate aftermath of any natural calamity. In recent years, satellite and UAV (drone) imagery has been used for this purpose, sometimes aided by computer vision algorithms. Existing Computer Vision approaches for building damage assessment typically rely on a two stage approach, consisting of building detection using an object detection model, followed by damage assessment through classification of the detected building tiles. These multi-stage methods are not end-to-end trainable, and suffer from poor overall results. We propose RescueNet, a unified model that can simultaneously segment buildings and assess the damage levels to individual buildings and can be trained end-to end. In order to to model the composite nature of this problem, we propose a novel localization aware loss function, which consists of a Binary Cross Entropy loss for building segmentation, and a foreground only selective Categorical Cross-Entropy loss for damage classification, and show significant improvement over the widely used Cross-Entropy loss. RescueNet is tested on the large scale and diverse xBD dataset and achieves significantly better building segmentation and damage classification performance than previous methods and achieves generalization across varied geographical regions and disaster types.