First, Peter reminds us who we are. The term "elect" is the very ground of our comfort because it means (when connected to the foreknowledge of God) that God knows us personally. A lot of people would like to know that the President of the United States knows them personally, but God knows us!
Some like it to be known that they are known by some person they respect very highly. Whether the person is a millionaire or a billionaire, a well-known athlete or entertainer, or somebody well known in the area, people like to drop names. Peter says if there is any name you want to drop, drop God's. He knows you!
Before God called us, He watched our lives because He wanted to make sure that we would be able to work with Him and that He would not lose us. He is sure that with His help we can make it. He can prepare us for whatever He has in store for us.
That is the ground of our hope. God knows us, and because of this, He will do things for us. He is in the position to do them. All He has to do is give the word. God can open any door anywhere for us. And He will do what is right for us.
Peter goes on in verse 3 to say that He is the Author of an act of mercy by which He has given us a sure hope of being brought into our inheritance. Even though we may have to go through sore trial, it can be done! God has not given us something impossible to do. He has begotten us again to a living hope.
Our hope is living because Jesus Christ is alive! He is our High Priest. And He loves us in a way that we cannot even begin to understand. He loves us so much that He gave His life for us. He loves us so much that He is willing to do whatever is necessary to ensure that we will be in His Kingdom. We have access to the highest of all places. We have friends who have names and power so awesome that there is nothing greater.
We do not need to fear what is coming because God is able to bring us through it. If we had to face it ourselves alone, there would be no hope for us.
The apostle calls our inheritance "incorruptible" (verse 4). The contrast is being made between Canaan or Palestine and the Kingdom of God. Which is better?
Lastly, it is "undefiled, and that does not fade away, reserved in heaven for you, who are kept by the power of God through faith for salvation." Kept can easily be translated "guarded," "surrounded," "hedged in." God is watching out for us in a way that He is not watching out for this world. Because we are the apple of His eye, and because He is preparing us for something, Jesus Christ will faithfully discharge His duties as High Priest in our behalf. He is guarding us—protecting us—from the worst of what is going on around us.