The problem is that floating elements are out-of-flow:
An element is called out of flow if it is floated, absolutely
  positioned, or is the root element.
Therefore, they don't impact surrounding elements as an in-flow element would.
This is explained in 9.5 Floats:
Since a float is not in the flow, non-positioned block boxes created
  before and after the float box flow vertically as if the float did not
  exist. However, the current and subsequent line boxes created next to
  the float are shortened as necessary to make room for the margin box
  of the float.

html {
  width: 550px;
  border: 1px solid;
}
body {
  font-family: sans-serif;
  color: rgba(0,0,0,.15);
}
body:after {
  content: '';
  display: block;
  clear: both;
}
div {
  position: relative;
}
div:after {
  font-size: 200%;
  position: absolute;
  left: 0;
  right: 0;
  top: 0;
  text-align: center;
}
.block-sibling {
  border: 3px solid green;
}
.block-sibling:after {
  content: 'Block sibling';
  color: green;
}
.float {
  float: left;
  border: 3px solid red;
  height: 90px;
  width: 150px;
  z-index: 1;
}
.float:after {
  content: 'Float';
  color: red;
}
<div class="float"></div>
<div class="block-sibling">
  Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec a diam lectus. Sed sit amet ipsum mauris. Maecenas congue ligula ac quam viverra nec consectetur ante hendrerit. Donec et mollis dolor. Praesent et diam eget libero egestas mattis sit amet vitae augue. Nam tincidunt congue enim, ut porta lorem lacinia consectetur. Donec ut libero sed arcu vehicula ultricies a non tortor.
</div>
 
 
There is an exception to that problematic behavior: if a block element establishes a Block Formatting Context (is a BFC root), then it won't overlap the float:
The border box of a table, a block-level replaced element, or an
  element in the normal flow that establishes a new block formatting
  context […] must not overlap the margin box of any floats in the same
  block formatting context as the element itself.

html {
  width: 550px;
  border: 1px solid;
}
body {
  font-family: sans-serif;
  color: rgba(0,0,0,.15);
}
body:after {
  content: '';
  display: block;
  clear: both;
}
div {
  position: relative;
}
div:after {
  font-size: 200%;
  position: absolute;
  left: 0;
  right: 0;
  top: 0;
  text-align: center;
}
.block-sibling {
  border: 3px solid green;
}
.block-sibling.bfc-root:after {
  content: 'BFC sibling';
  color: green;
}
.float {
  float: left;
  border: 3px solid red;
  height: 90px;
  width: 150px;
  z-index: 1;
}
.float:after {
  content: 'Float';
  color: red;
}
.bfc-root {
  overflow: hidden;
}
<div class="float"></div>
<div class="block-sibling bfc-root">
  Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec a diam lectus. Sed sit amet ipsum mauris. Maecenas congue ligula ac quam viverra nec consectetur ante hendrerit. Donec et mollis dolor. Praesent et diam eget libero egestas mattis sit amet vitae augue. Nam tincidunt congue enim, ut porta lorem lacinia consectetur.
</div>
 
 
For example, you can establish a BFC with overflow different than visible, e.g. hidden
.div2 {
  overflow: hidden;
}
.div1 {
  height: 40px;
  width: 40px;
  background-color: red;
  display: block;
  float: left;
}
.div2 {
  height: 40px;
  width: 40px;
  background-color: green;
  display: block;
  overflow: hidden;
}
.div3 {
  height: 40px;
  width: 40px;
  background-color: yellow;
  display: block;
}
<div class="div1"></div>
<div class="div2"></div>
<div class="div3"></div>