'Hedge your bets again"

Listening to the indie rock song "Kissing Party" where the chorus is "hedge your bets again"

And that gave an idea. If I'm reasonably certain about a possible dip, and I don't know how far it will go, it's a good time to buy a call on VXX or UVXY to protect the portfolio...short term only, if volatility does decline, I can buy more shares and hold on to the options, or I can sell the options. If things return to normal and continue to advance, well, I lose most of the price of the options. How insurance works I guess :)

But we'd only want to be buying options when volatility is low of course, better not when a decline has already happened.