My concern with this aspect is how the cancellation policies stand up against new consumer protection laws (in the UK at least). I THINK Under these laws any rules applying to a customer should be equivalent to those applying to the seller. In other words if you cancel at short notice and lose say £100 of your deposit, then the same should apply to the seller (ie they cancel, they pay you £100).
Reason is I am travelling TODAY, and my host is not responding and recent reviews all mention short-notice cancellation.
Now If I cancelled today I would lose first night rental plus 50% of the next three nights. All told about £900.
I see no reason why the host should not then forfeit a similar amount to me (which may just about cover the difference between this rental and one I am forced to take at short notice.
Anyway, we shall see, but if my host does cancel on me on the day of arrival, I shall certianly be looking at the new laws and if it is as I assume, I shall be looking at someone to give me the £900, be that Airbnb, host or credit card company. Watch this space.