A method for reducing loads of a wind turbine includes determining a wind speed at the wind turbine. Further, the method includes determining an operational state of the wind turbine. The method also includes determining whether a rotor of the wind turbine is imbalanced beyond a predetermined threshold when the operational state corresponds to a predetermined operational state as a rotor imbalance beyond the predetermined threshold is indicative of a pitch fault in one or more of the rotor blades. In addition, the method includes yawing a nacelle of the wind turbine to a predetermined angular position when the wind speed exceeds a predetermined speed threshold and the rotor is imbalanced beyond the predetermined threshold.