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We investigate the phenomenon of parametric instability in discrete models of spatiotemporally modulated materials. These materials are celebrated in part because they exhibit nonreciprocal transmission characteristics. However, parametric instability may occur for strong modulations, or occasionally even at very small modulation amplitudes, and prevent the safe operation of spatiotemporally modulated devices due to an exponential growth in the response amplitude. We use Floquet theory to conduct a detailed computational investigation of parametric instability. We explore the roles of modulation parameters (frequency, amplitude, wave number), the number of modulated units, and damping on the stability of the system. We highlight the pivotal role of spatial modulation in parametric instability, a feature that is predominantly overlooked in this context. We use the perturbation method to obtain analytical expressions for modulation frequencies at which the response becomes unstable. We hope that our findings enable and inspire new applications of spatiotemporally modulated materials that operate at higher amplitudes.