Click on Properties in the header and select the listing you wish to edit. Scroll down on the sidebar menu (beneath your property photo on the left) to the “Policies and Rules” menu of your listing. Navigate to the “Cancellation Policy” section and click edit. You have four policy options to choose from: Strict, Moderate, Flexible, and Full Flex. These policies determine when you'll receive your payout and the level of flexibility you offer with refunds. You can find guidelines for each policy here.