If you have to cancel a Disney Package
more than 45-days prior to travel: You'll receive a full-refund, no problem.
Less than 45-days prior to travel:
You will be charged $200, unless you have insurance.
You can cancel a room-only reservation up until FIVE days before check-in (Six days if you booked online).
The penalty for cancelling a room-only reservation is 1-night's deposit.
If you need to make a change/adjustment to a room-only or a package reservation, they charge $50
under the 45-day mark for packages.
Change/adjustment to a room-only reservation
after the 5-day mark: $50.
Hopefull, you won't need this info!

Unfortunately I may have to cancel my Feb. trip if the 4 days my son just missed due to Hurricane Isaac are "made-up" during the time our trip is planned, eeeek!