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Yeap, as long as you have it in your steam account you can just redownload it. I think the steam backup feature is if you want to install it via disk instead of having to redownload everything again.
Also, take not of some of the games that have DRMs and see if you have any installed. If you install it too many times, regardless if it's in your steam account or not you might not be able to play. But don't quote me on this exactly.
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