1. A method for reliability management of virtual machines in a node of a host system, the method comprising: determining a reliability requirement of a virtual machine hosted by a first node of a computing system; continuously monitoring system parameters of a plurality of other nodes of the computing system as system parameters change over time; determining a reliability state for each of the plurality of other nodes based on the changing system parameters; monitoring, with virtualization sensors coupled to a registry and proxy service, for at least one event affecting host reliability of the first node; modeling the host reliability using a reliability model that is stored in the host; and when the host reliability is less than a predetermined reliability threshold for the virtual machine, identifying a second node of the plurality of other nodes whose reliability state satisfies the reliability requirement of the virtual machine and migrating the virtual machine from memory of the first node to memory of the second node.