Does anyone have actual experience with damages beyond the deposit?

Let’s say a guest causes $1,500 in damages and your security deposit is only $500. I’m wondering if anyone has experience with what they’ve done in situations like this. I’m wondering specifically for Airbnb, given they have their “aircover” program. I’ve heard mixed reviews about it. It seems like a lot of people say they don’t really pay out anything. However I’ve also heard people say they’ve gotten paid out over $2K in damages and the process was easy. I’m wondering how the Ownerrez security deposit may complicate things. I’m specifically looking for people who have real world experience with this type of scenario. I’m not looking for hypothetical scenarios. 

In case anyone is wondering, I have two STRs for about 3 years now. I’ve never been in the situation described, but I know eventually it’s just a matter of time. So I’m wanting to know the best way to approach it. 

Yes, I had this situation where a dog got locked into a room and clawed the wall and door and window trim all up. Airbnb would not cover any general labor, however they covered specific items that had a receipt or that could simply be replaced. If I remember correctly, they paid about $200 - $300 of the total damage which was a couple thousand.

I don't allow pets anymore because this wasn't a first.

The options are to either chalk it up to a cost of doing business and move on (which is what I did), or get yourself specific insurance for these scenarios.