Airbnb, whose recent I.P.O. garnered the co-founder and chief executive, Brian Chesky, around $11 billion based on the company’s overall valuation, has one of the strictest lodging cancellation policies. While it granted refunds at the very start of the pandemic and then partially reimbursed hosts, since mid-March, the company has taken the stance that guests understand that travel may be disrupted by the pandemic, and has been using pre-pandemic rules that allow hosts to choose from one of three standard cancellation policies. Payment pages include information about the cancellation rules. Airbnb does have an “Extenuating Circumstances policy” but explicitly states it does not apply to reservations made after March 14 for Covid-related circumstances other than actual sickness. Individual hosts may agree to full or partial refunds.

Vrbo, a vacation rental company owned by Expedia, follows policies similar to Airbnb. Its coronavirus resources page advises travelers to “Review the property’s cancellation policies. They apply even if your reservation is affected by COVID-19.” In the same vein, VRBO’s “Book With Confidence Guarantee” explanation on its website specifies that the guarantee was designed to protect guests “from fraudulent listings and property misrepresentation. It does not cover cancellations due to unforeseeable circumstances, such as COVID-19.” Customers who purchased travel insurance may be able to request a voucher for future dates.

In essence, travelers could bear 100 percent of the financial impact of any local shutdown when booking with the companies.

Vrbo said in an email that it does not plan on changing its policies and that “travelers should work directly with the host on an alternative that works for both parties, such as rebooking the trip or a travel credit that can be used at a later date.” Hosts are not required to offer those alternatives.

Airbnb said in an email that “Our extenuating circumstances policy is intended to protect guests and hosts from unforeseen circumstances that arise after booking,” and that after the declaration of a global pandemic in March, “Covid-19 and its consequences were no longer unexpected, including the risk of continued or new travel and movement restrictions.” It noted that hosts choose a level of flexibility when they offer their homes for rent and that renters are informed of the policy when they make a reservation.