I have used Airbnb a huge amount of time, and got my first (and only so far) last minute cancellation last year in January. When I say last minute cancellation, I'm kind of lying, it was actually an on-time cancellation. They cancelled right when I was supposed to check-in. (They sent me a message telling me they lost the keys, yeah sure.)

Airbnb only wanted to refund me at first, after a few back and forth and throwing the word "nightmare experience" in their face (I had just flew from France, was completely jetlagged) they finally ended up reimbursing me my hotel stay (it was a 2 or 3 nights stay IIRC).