Insurance crisis that started in Florida, California is spreading. Your state could be next

The crisis is altering both the residential and commercial real estate markets, as deals fall apart over the cost and availability of insurance.like Florida and California is spreading, and it is fundamentally changing the real estate market in states across the country.

"A new roof, for roofs that are only seven years old, or 10 years old. They want trees cut down that are within 20 feet of the edge of the house. Oftentimes those trees are on the neighbor's property," he said.A similar dynamic is playing out in commercial real estate, said Ross Markowitz, director of insurance risk management at AEW Capital Management, a global real estate investment advisory firm in Boston.

"Insurance companies are responding to the fact that we're seeing more frequent and more severe climate events, and the fact that they're paying out more than they're bringing in," he said. Because of that, and because of the impact of higher premiums on commercial real estate, CNBC is factoring insurance into the 2024as compiled by the Council of Insurance Agents and Brokers. The Cost of Living category looks at the cost in each state to insure a median priced home, based on data from the National Association of Insurance Commissioners and Redfin.

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