My policy only covers the house contents up to a maximum of £60K so id be out of pocket in the event of a total loss.
Already addressed by Jensen Healey, who is right, if there were an investigation into a claim for hifi replacement or whatever. Unless I'm totally out of date (* see below) contents insurance covers a number of sections, one of which is Audio-Visual, which can cover TV, hifi and sometimes computer stuff etc. This section, regardless of the other contents, has accidental damage cover. It may or may not have a single item limit.
However, it IS PART OF THE OVERALL COVER, and will be treated in relation to the cover you have paid for. No good having a £50 K hifi set-up included within a £75K house contents, as it probably only represents less tan a third of the overall new for old value of all your contents. This, i.m.o., is logical.
* After a few years of (expensive and labour intensive) bespoke cover, then paying more to up my Saga cover to well above the £100K mark for a few years, I settled on John Lewis unlimited cover for buildings and contents. As each year the premium either goes up or down by a few quid (this year due is down), I simply renew, saving all the worry, time and hassle of phoning round. My records and CDs are covered for certain risks too.
Lots of insurance threads on pfm (and Wigwam) over the years and lots of useful info. but Hiscox (they're bespoke but have good claims record) is used by many, as is John Lewis (who are not the underwriters). You'd be surprised what everything in your house/flat comes to, and these mail-shots, usually from building societies, limiting cover to £50K or £75K are pretty useless foe anybody with a half decent system, i.m.o.
My unlimited cover for a 3 bed detached fluctuates around £300 p.a., though that would be dependent upon area (as would all quotes).