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neighbor hit my house

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My neighbor hit my house with his car. His insurance company is depreciating the damage and is paying me the depreciated value. Is this legal
Yes, it's legal. Any time you have a negligence claim against another person you are only entitled to the Actual Cash Value of the property. That's defined as replacement (or repair) cost less depreciation. It's just as legal with homes as it is with personal property (you don't get a new TV to replace an old one) and cars (you don't get a new car to replace an old one).
You have the option of suing the person who hit your house and trying to prove that too much depreciation was applied.
Or, if you have a Replacement Cost homeowners policy (most are), you can have your own insurance company pay the full amount of the repair cost, less your deductible, and when your insurance company recovers money from the driver's insurance company, you'll get your deductible reimbursed.

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