Hood of Second Thoughts

Instant - Destroy this: Prevent the next 1 damage that would be dealt to you this turn. Activate this only if you've been dealt damage this turn.

These are just Runaways, but as a goofy hat, silly vest, and swag gloves, respectively.
You cannot use this during a resolution of a card. For example if a card says “Deal 2 arcane damage. Deal 2 arcane damage.” you cannot take two then use this as a card must fully resolve first.
This prevents all types of damage including damage from attacks ( damage), arcane damage, and (untyped) damage. This does not prevent loss of life.