Unless guests are able to set their own cancellation policy — including the host is forced to cover market rate at time of cancellation if rebooked within X-day

Unless guests are able to set their own cancellation policy — including the host is forced to cover market rate at time of cancellation if rebooked within X-days for a like or better booking, this is a joke. AirBNB’s penalties for host go to AirBNB, not the guests, and AirBNB frequently waves the host penalties without explanation. If the stay was canceled prior to booking and the fees waved, no review is allowed to be left either by the guest or automatically; the automatic cancellation reviews are only left if host gets a penalty, which again AirBNB frequently waves without explanation. I have personally lost thousands due to AirBNB allowing host to cancel at the last second then repost and book the stay for 300% more; host even offered to allow me to rebook, so clearly cancellation was unrelated to anything to do with me. Use AirBNB at your own risk, they will happily leave you without a place to stay if a host cancels a booking. Always have a backup plan and look into travel insurance.