Yes, you can add water to a stock if it reduces too much during simmering. Add small amounts of hot water to avoid drastically lowering the stock's temperature and diluting the flavor too much.
When simmering stock, water evaporates, concentrating the flavors. However, if the liquid reduces too much, the solids can scorch on the bottom of the pot, or the stock can become overly salty or intensely flavored. To prevent this, periodically check the liquid level. If it's getting low, add water to maintain a sufficient level to cover the bones and vegetables.
The key is to add *hot* water, not cold. Adding cold water will significantly drop the temperature of the stock, slowing down the extraction of flavor and potentially affecting the final product. Hot water minimizes this temperature shock and helps maintain a consistent simmering process. Add the water in small increments, stirring gently, and then allow the stock to return to a simmer before adding more. Taste the stock after each addition to ensure it doesn't become too diluted. Remember, you can always reduce the stock later to concentrate the flavors if needed.
Use a stockpot that is appropriately sized for the amount of ingredients you are using. A pot that is too wide will cause the stock to reduce more quickly, requiring more frequent additions of water. A taller, narrower pot will help minimize evaporation.