So I think a general guideline or rule of thumb when designing custom feats is to compare the costs of the feat to those which cost the same amount and then to ask oneself if that feat is stronger or weaker by a considerable amount and then either adjust the feat cost or the effect.
In my opinion, this feat is stronger by a decent margin than most, if not all, feats which cost 1 feat point, as no other feat costing 1 point offers 1 advantage per tier to actions in combat. Yes, it is more situational than Defensive Reflexes, but the feat also synergises quite well with Protection rolls used to defend, as pretty much ayntime an extraordinary attack is made (keep in mind this also includes bane attacks), you will probably be in range to defend it. The range is one of Protection’s biggest advantages when defending, which often is a limitation when using physical aatributes to defend. So yeah, I agree with @Great_Moustache, this feat should cost 2 feat points, but otherwise I actually like it quite a lot and could fit into any fantasy campaign.