The frequency ranges that basically all FM tuner chips have in common are the japanese (76-90MHz IIRC) band and the EU/US band (87-108 MHz IIRC). So in rockbox we allow these bands for FM radio. Some specific tuners can go lower or higher, others can't, you'll have to check the datasheet of the tuner chip in your player.
In the clip+, there can be one of two types of FM chip, either a SI4702 or an RDA5802.
Many FM tuner chips already have a basic squelch-like function built in, meaning that radio output is attenuated a lot if there is no carrier.