Peace P.

I just had my first bad experience when my host canceled a reservation I booked months ago for a place near the beach the week of 4th of July. Just be aware that when this happens to you, you only get the exact amount you paid back as a refund. They will give you a credit of 10% of what you paid toward another AirBnB location IF you can find another place on AirBnB, but maybe your experience would be like mine, where 2 weeks before the 4th of July, the only (one!) other place available in the area is 4x the price of what I rented. Even the hotel room I was able to find is more than 2x the price.
It does not make a difference whether the cancellation policy is strict or flexible, that policy only applies to guests, not the host. They have assured me that the host did have some serious personal reason for having to take her place down, and it's not just because she wanted to stay in a great place on the beach that week.
I'm not going to trash AirBnB because I've had a few successful stays with great hosts and places that turned out to be exactly what was described. Also, their customer service is good. When this type of thing happens, it's a bit lame that you can't talk to someone by phone, but the email back and forth has been prompt and informative, and they kindly gave me a coupon toward a future rental in the next year since the 10% credit policy wouldn't apply.