The effects of water absorption on the electric resistivity and dielectric constant of polyimide (PI) and poly(ethylene terephthalate) (PET) were investigated, and the mechanism of deterioration in electrical insulation properties was discussed. The polyimides are poly(oxydianiline pyromellitimide) (PMDA–ODA) and poly(para-phenylene diamine biphenyltetracarboxydiimide) (BPDA–PDA). These polymer films were immersed in pure water for various immersion times at room temperature, and the water absorption ratio was evaluated. The electric resistance for these films was measured at room temperature using a high-resistance meter, and the dielectric constant at room temperature was measured using an LCR meter in a frequency range of 200 kHz to 2 MHz. The absorption ratios at equilibrium absorption for PMDA–ODA, BPDA–PDA, and PET were 2.7, 2.5, and 0.5%, respectively. The critical volume fraction of the percolation threshold of electric conductivity due to water absorption was 0.034 for both PMDA–ODA and BPDA–PDA. On the other hand, PET did not show a significant decrease in the resistivity. For both PIs and PET, the dielectric constant observed could be explained by a series model of the respective capacitances of pure water and polymer. Actually, the resistivity of samples cut from the edges of the film after water absorption was almost the same value as that in the dry state. These results suggest that the absorbed water molecules are not uniformly dispersed in the film but are localized at the edges of the film even after the absorption equilibrium has been reached.