I use whatsupgold 7 to monitor our 3 websites, it runs off my puter and if my site goes down, i have it set to automatically open a trouble ticket to my hosting company
Its depend on the services you need if you're on a dedicated (managed) server paid services i guess its better they monitor you system back it up daily upgrade your kernel if you're not familiar with all that.
you can check http://www.fastservermanagement.com/
if you're on webhosting then i guess your provider shall update you with the status of you host by a control panel or email notification.
Regards,
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