Yes. Let's take an album, for example. When you buy the album, you get a single-user license. The license grants you the right to access the music.
The media is irrelevant. As long as you pay for the license, then you have paid for the right to access that music.
If your media is destroyed, then you can legally make another copy from someone elses paid licensed copy. To be nit-picky in this instance, the copy you make must be from the same title you purchased the license to.