Anonymous“Is it correct to say "The TV volume is too high" ... ?”
Yes. Just stick with this one.
There are no rules that I know of that thoroughly explain everything about the three choices you are concerned about. Generally, the apostrophe form occurs most often with people (John's, my uncle's, the children's, etc.), but it sometimes occurs in other situations as well. The compound noun form is probably the most often used for inanimate things. (paper clip, wheel guard, toilet seat, pot lid, etc., etc., etc., by the thousands) The "of" construction is probably used least, especially in ordinary everyday conversation.
CJ