Hi, Michelle!
There are many variables that can enter a reservation:
booking directly through Disney, adding airfare, using a travel agent, the list goes on and on. Because of this, you will need to inquire about the cancellation policy when booking with the booking agent or read the fine print when booking online.
Generally speaking, if you book directly with Disney and cancel at least 45 days prior to your arrival date, your reservation deposit is refundable (rules may vary if you included airfare). After the 45 days, cancellation penalties begin, so make sure to plan ahead. You may also want to consider
travel insurance, but again, read the fine print as travel insurance will not cover every cancellation.
I wish I could give more details, but every case is different depending on your package type. Make sure to ask for the cancellation policy in writing so there is no confusion in the unlikely event you need to cancel.
Let's just go with the plan that you will book your perfect magical vacation and you will not need to cancel. That is the happiest scenario, right? Happy travels to you!
Cathy