There are no standard contracts nor cancellation policies when renting a vacation rental home in Harbour Island. It is a matter of preference for owners and what renters are willing to accept.
Renters understand that a house is not a hotel room that can be substituted by another hotel room and that cancellation policies are stricter. Supply and demand and easiness to find another similar property will usually determine how strict those policies will be.

Owners feel that they need to be protected by adopting strict cancellation policies when they own expensive properties that are hard to rent at the last minute.
Renters need to analyze articles in the contract that deal with cancellation, they should ask questions and could always attempt to renegotiate the terms with the owner.
Most owners will accept cancellation of a reservation when a hurricane is scheduled to hit Harbour island.