I have concerns with details of this policy, but overall am in favor of it.
For starters, we, as hosts only get 24 hours to make any decisions regarding cancelling. The same should apply to guests. Please change to 24 hours penalty-free grace period from 48 hrs. This will also make it more difficult for those who go around booking several different places until they find the cheapest and then cancelling the rest.
Second, when a guest books, they are given our personal information, specifically, our location address and our phone numbers. Please set the programming so this information is not released until AFTER the grace period has expired. This is for OUR safety.