Step 2 answers the question: "What assets will be affected by the hazard event?"

Assets are the people, property, and activities in a community. The product of this step is a list of the assets in the community. This enables hazard mitigation planning teams to understand what can be affected by different hazard events. The level of detail in this step will determine the quality of the loss estimate in the final risk assessment step.

Incorporate in the asset inventory an overview, or summary, of the impact on the community's vulnerable structures. Include, by type of hazard, a general description of the types of structures (e.g., buildings, infrastructure, and critical facilities) affected by the hazard. For example, flooding will affect all structures whose lowest floors are built below the base flood elevation. Include a general description of the extent of the hazard's impact to vulnerable structures. This description can be presented in terms of dollar values or percentage of damages.

Continue to use the Whole Community approach to involve various stakeholder groups who are invested in the community and are knowledgeable about the assets associated with them. It may be helpful to consult the representatives selected or considered to build the Hazard Mitigation Planning Team.