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Official servers will always stay up. Can't blame the devs if unofficial servers are closed by renters.
Besides that, getting attached to any of your items in a full loot game with player vs player is a pretty big no no. It's basically the cardinal rule.
In short yes. Playing on private servers is taking the chance that the server can go offline any day (if admin decides not to pay for it any more), you can get banned for any or no reason or, server might get whitelisted and you're not on it.
So yeah, if a private server goes offline then you'll have to start over on a different server. There is no asset transfer or a global inventory.