Ryan, in the industry, for this sort of hosting, there's always something called SLA (Service Level Agreement). In there you're supposed to find the provider's guarantee of uptime per year as well as guaranteed maximum recovery time in each event of downtime. Usually, punitive damages are applicable for failure to comply with the SLA.
While we're not nasty people and want to sue the provider bankrupt over such matters, I think it is fair that if the service level is not maintained for a particular period, that the provider refunds you the hosting fee for that period (like for this month?). You may want to put pressure on them to make sure they pay for what they cannot deliver. It's not a matter of the money; it's making them feel the pinch so they will remember.