Hi Matthew!
It may have chaged but... In 2015 I had a few longer term bookings and the payment was automatically monthly. The cancelation default was something very strict basically requiring cancelation 30 days ahead with full payment of those 30 days and I believe 50% of anything longer.
edit. - My bad. Long term cancel brfore arrival results in you getting full 1st month. Cancel during stay requires guest to change/alter reservation which you would have to agree to and results in you getting the next 30 days or until original reservation ends. No 50%.