My character just got hold of a Summoned Rimefire Plate Armor +2.
Am I reading it right in that it seems to grant Resist 1
to all damage?
Or am I misreading/misunderstanding what it means?
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Rules Compendium p224
Resistance appears in a stat block or powers as "Resist x", where x is the amount that the damage is reduced, followed by the type of damage that is being resisted.
So "Resist 1 all" is exactly what you think it is, reduce all damage taken by 1 point.