If your listing was created in Airbnb, Guesty will set your Airbnb cancellation policy in Vrbo. Otherwise, Guesty will set your cancellation policy to be 50% refund up until 7 days prior to check-in.
This means the guests will be refunded 50% of the accommodation fare if they cancel the reservation up to 7 days prior to check-in. If the guests cancel less than 7 days in advance, the accommodation fee is not refunded.
Currently, it is not possible to update the cancellation policy within your Guesty account. However, you can easily do so from your Rentals United account.