They can and will but like anything else of nature the odds out of the gate are stacked against them. You'll need to do something about it but the annual renewals are ****, it's just a cheap way of taking you money on an annual basis (pun intended)
The thing about a termite colony is that the colony itself can be anywhere around; under a neighbor's house across the street or two three houses down. A good termite treatment when done right will place a chemical barrier in the ground between the house and the soil thus preventing the termites to do damage. Baits and stuff are out there and could be used in conjunction with the treatment, but the treatment is the way to go.
Back to the annual stuff, opt. out of it if possible. Take the best warrantee and price combo. and go with it. When I was doing this a retreatment on a property would simply be a spot treatment. This is cost effective for you down the road as opposed to paying the annual renewal for someone to come out and take a look and spot treat if necessary.
Just my opinion on this but if I had to cross that bridge this is what I would do.