updated for 2.0
Body armor provides great protection to the majority of your body adding the most armor of any item type and having 100% chance to block dmg. Heres a list of all the armor and what that armor does
Feather Mail: +3 armor +15 HP +10% movespeed blocks 3 dmg
GoldSkin: +4 armor +20 HP makes gold coins when you get attacked blocks 4 dmg
Steel Pelt: +7 armor +25 HP blocks 8 dmg
Bone Cage: +8 armor +20 HP +25 MP has a small chance to summon a dry bones or a bone archer when your attacked blocks 6 dmg
Sparking Mail: +11 armor +10 MP casts lighting sheild on yourself when attacked blocks 8 dmg
Silks of Coalescence: +10 armor 15% magic resistance 40% chance to block 8 dmg and 100% chance to block 8 dmg
Dragon Scale Armor: +16 armor +100 HP +1hp/sec regain blocks 15 dmg
Hex Armor: +2 armor +60 MP has a small change to hex an attacking enemy blocks 4 dmg
Rainbow Shell: +18 armor +5 str +5 int 20% magic resistance blocks 12 dmg
Gravity Plate: +22 armor +75 HP +10% AS blocks 12 dmg
Full Devil Jacket: +66 armor +666 hp -6 hp/sec -6 mp/sec 1/666 chance to randomly summons a demon
Bark Coat: blocks +4 armor +10 hp +10 thorns blocks 4 dmg
Hippy Battle Gear: +20 armor blocks 20 dmg +2 hp/sec aura +20% dmg aura
Infinity Plate: +100 armor +100 hp +100 mp