You gain a +1 bonus to AC and saving throws while you wear this cloak.
Notes: Bonus: Armor Class, Bonus: Saving Throws, Warding, Outerwear
good base for other magic items
Why is this an uncommon item? Based on other magic items and their rarity, it seems like it should be rare:
Notably, Shield, +1, which also gives +1 to AC, is uncommon.
A +1 bonus to AC seems more powerful than a +1 bonus to attack (all +1 weapons are uncommon), and also having a +1 to saving throws makes an item like the Cloak of Protection even more powerful. I would house-rule this to be a rare item, and I might consider also making +1 shields rare.