Use a box knife to trim any small loose pieces if the rubber handle cover has only a few chunks missing or some bits of rubber flapping, Leave any larger flaps in place. Tape these down with electrical tape, wrapping it around the handle several times. If there are pieces of the rubber missing, cut a replacement piece from a thick garden hose, then wrap tape around the handle several times.
Replace the rubber with fresh material if the handle cover is severely abraded or missing large pieces. Homelite no longer manufactures the rubber cover and replacement stock is exhausted, but heavy-duty garden hose makes a fine replacement. Remove the single screw at the top of the handle using the hex-head screwdriver. Turn the saw over and remove the three handle screws on the bottom of the saw. Cut the remaining rubber cover from the handle using the box knife.
Clean the handle in the bucket of soapy water. Cut lengths of hose to match the two pieces of rubber cover that were removed from the handle. Dunk the two pieces of hose in the soapy water, then slide them on the handle. Allow the handle to dry.
Replace the handle on the saw, attaching the three screws on the bottom of the saw and the one screw on the top of the saw using the hex-head screwdriver.