Hello, Lisa,
We've been in your shoes, so I have total empathy! The gist of the
2012 Hurricane Policy is that if your trip is less than 7 days away and a hurricane warning is issued by the National Hurricane Center for the Orlando area (or your place of residence, Vero Beach or Hilton Head Island), you can cancel or reschedule your trip without any cancellation or change fees.
If you reschedule your trip, the amount you paid for the Disney portion of the trip will be applied to a new reservation, but any discounts or free offers you had will not apply.
Again, this is the main idea of the policy, but there is additional information about air travel, booking outside of the Walt Disney Travel Company, and group packages. If your question is about one of those situations, please let us know so we can help you further or call Disney directly at 407-W-DISNEY or your travel agent (if you worked with one outside of the Walt Disney Travel Company).
And by the way, when we faced a similar situation with Hurricane Wilma, we still went on our trip and had several great days and one very soggy day with the parks actually closed for one day. However, Walt Disney World cast members were absolutely amazing! The resort made many accommodations to help guests still make the trip memorable. However, I hope no one has to face those similar situations ever again!