Investment properties not generally insured against loss in market value, no matter how drastic.
If you want something more financial a short vertical spread [0] is a strategy in which you are purchasing insurance on the risk (investment) you just took (made). There are many such investments of this form.
[0] https://www.optionsplaybook.com/option-strategies/short-call...
Perhaps you're thinking of a collar? (short calls to fund puts?)
A short call spread is someone selling calls (option A in the link) and buying insurance on said sale (option B in the link).