Azure keeps track of the general resource health of a number of components. This information can be viewed under the resource -> Help -> Resource health. However, this information is available only in the portal. To receive alerts around resource health, this must be configured separately.

Resource health alerts belongs, in my opinion, in the category of essential monitoring. You want to know if any of your key components become unavailable or degraded. Once this is setup and running, then implementing utilization based alerts would be the natural next step. See here for example of a VPN tunnel bandwidth utilization alert.

Resource health alerts can be defined on a per component type level. This means that you don't have to have any of the components deployed or specified in advance. If you deploy a health alert for e.g. VPN gateways, then all existing and future VPN gateways will be included in the scope (this will also include ExpressRoute virtual network gateways).

The ARM template in this example (Based on this MSFT ARM template) is useful for a connectivity hub where you have components such as VPN gateways, connections, firewalls, and load balancers.

If you want to add or remove components, it is done in following section of the code: