This article proposes a vulnerability assessment model for evaluating buildings’ expected seismic performance, as well as their vulnerability to tsunamis. The objective of this assessment is to provide appropriate information for decision makers regarding the need of repairs and reinforcement of buildings or other mitigation measures that need to be applied in a territory. A procedure for assessing seismic vulnerability and another methodology for evaluating tsunami vulnerability faced by coastal structures is presented. Finally, a method that integrates both procedures is proposed, providing a combined index of vulnerability. The assessment model was applied to the central area of the city of Talcahuano, Chile, which was affected by the 2010 Maule earthquake and tsunami.